Robert Solow
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Robert Merton Solow, GCIH was an American economist and Nobel laureate whose work on the theory of economic growth culminated in the exogenous growth model named after him.
Solow in 2008
Bill Clinton awarding Solow the National Medal of Science in 1999
Economic growth
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Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year. Statisticians conventionally measure such growth as the percent rate of increase in the real and nominal gross domestic product (GDP).
Productivity lowered the cost of most items in terms of work time required to purchase. Real food prices fell due to improvements in transportation and trade, mechanized agriculture, fertilizers, scientific farming and the Green Revolution.
The marginal costs of a growing economy may gradually exceed the marginal benefits, however measured.