Work
Evsey Domar was a Keynesian economist. He has made contributions in three main areas of economics: economic history, comparative economics and economic growth. In 1946 he advanced the idea that economic growth served to lighten the deficit and the national debt. During the Cold War he was also an expert on Soviet economics.
He is most known for developing, independently of British economist Roy Forbes Harrod, what has become to be known as the Harrod–Domar model of economic growth. This model was the precursor to all modern growth models and differed only in its restrictive assumption of fixed proportions in production. The Solow-Swan growth model that followed several years later borrowed heavily from the Harrod-Domar model and used a variable proportions Cobb-Douglas production function.
Domar's 1961 paper is cited as the source of Domar aggregation, a set of rules and processes for combining industry growth data together to get aggregate industry sector or national growth.
Among his students was the economic historian Robert Fogel, who was awarded the Nobel Memorial Prize in Economics in 1993.
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Famous quotes containing the word work:
“Oh sure, everyone goes back to the earth at some point, but life itself is a thread that is never broken, never lost. Do you know why? Because each man makes a knot in the thread during his lifetime: it is the work he has done and that’s what gives life to life in the long stretch of time: the usefulness of man on this earth.”
—Jacques Roumain (1907–1945)
“By this contrivance the machinery of my work is of a species by itself; two contrary motions are introduced into it, and reconciled, which were thought to be at variance with each other. In a word, my work is digressive, and it is progressive too,—and at the same time.”
—Laurence Sterne (1713–1768)
“But this rough magic
I here abjure, and when I have required
Some heavenly music—which even now I do—
To work mine end upon their senses that
This airy charm is for, I’ll break my staff,
Bury it certain fathoms in the earth,
And deeper than did ever plummet sound
I’ll drown my book.”
—William Shakespeare (1564–1616)