Samuelson is also on record as describing how a Canadian Keynesian economist who published a well received textbook in 1946 subsequently was the victim of a coordinated conservative smear that linked him and his views to, gasp, SOCIALISM. The spectacle caused Samuelson to be very careful not to be vulnerable to such an attack. He did not say so but, likely, this effort to avoid attack by conservatives substantially drove him into their arms. Samuelson knew on which side his bread was buttered.  

"It is not necessary to have hope in order to persevere."

The Solow residual is a term of art among a class of utility theoretic economic growth models. Technological progress is everything in productivity growth you can't account for after you have found all the factors correlated with productivity growth and have estimated their contribution.

Its an admission that utility theoretic growth modelling can't explain the most important long term factor in economic growth.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

What Bruce said.  The term pre-dates RBC.  The Solow growth model has been around since the '50s, whereas RBC came around in the '80s.

RBC theorists just tend to be wedded to it.

Be nice to America. Or we'll bring democracy to your country.

RBC makes no assumptions about the inability of the market to clear.  Markets always clear in RBC models.  RBC models have instantaneous price adjustment, perfect competition, etc.

To get markets that don't clear, you have to add (usually nominal) rigidities and imperfect competition, at which point your model becomes New Keynesian rather than RBC.

(NK models perform a lot better at forecasting, but a lot better than "fucking terrible" is still not good.  Put it this way: Last I read, internal Federal Reserve forecasts were still putting both to shame.)

Be nice to America. Or we'll bring democracy to your country.

... easiest way to close an anticipatory model. That presumes that an anticipatory model that is a closed system accurately reflects the way that the economy works ...

... even though quite clearly it does not.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.