Equilibrium and Disequilibrium Growth: a Comment on a Comment

  • Robert Solow


An old cartoon by James Thurber shows one of his overpowering women, evidently an actress, sitting down next to one of his mousy men, and saying: “Now let’s talk about you. What did you think of my performance?” With that lesson in mind, my favorite way to pay tribute to an old friend like Eli Schwartz on occasions like this is to reread one of his works and try to hold up my end of an imaginary conversation. What came readily to hand was his 1993 book Theory and Application of the Interest Rate. The tone of this book is distinctive. The mainstream theoretical core is always evident, but the text is full of practical advice and numerical examples. I will try to keep with that way of proceeding. The part of the book where I thought I might have something to add is the final Chapter 10 on “Growth, Profits and the Interest Rate.” (From now on I will refer to the author, rather artificially, as “ES.” The natural “Eli” is too informal for print, and the conventional “Schwartz” is impossibly formal.)


Interest Rate Technological Progress Property Income Book Theory Imaginary Conversation 
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Copyright information

© Martindale Center for the Study of Private Enterprise, Lehigh University 2008

Authors and Affiliations

  • Robert Solow
    • 1
  1. 1.Emeritus Institute Professor of EconomicsMassachusetts Institute of TechnologyBostonUSA

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