Robert M Solow

(Author)

Learning from 'Learning by Doing': Lessons for Economic GrowthPaperback, 1 April 1997

Learning from 'Learning by Doing': Lessons for Economic Growth
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Part of Series
Kenneth J Arrow Lectures
Part of Series
Kenneth J. Arrow Lectures
Print Length
104 pages
Language
English
Publisher
Stanford University Press
Date Published
1 Apr 1997
ISBN-10
0804728410
ISBN-13
9780804728416

Description

This book by a Nobel laureate in economics begins with a brief exposition of Kenneth J. Arrow's classic paper "The Economic Implications of Learning by Doing" (1962). It shows how Arrow's idea fits into the modern theory of economic growth, and uses it as a springboard for a critical consideration of spectacular recent developments that have made growth theory a dynamic topic today. The author then develops a new theory that combines learning by doing (identifying it with the concept of "continuous improvement") with a separate process of discrete "innovations." Learning by doing leads to a fairly smooth reduction in labor required per unit of output, tied to the rate of gross investment in new capital equipment. Innovations arrive at random; when one of them happens, the labor requirement takes a jump downward. This new model, simple as it is, does not lend itself to self-contained solution. The author accordingly presents the results of a series of computer simulations that exhibit the variety of paths the new model economy can follow, showing, among other things, that early good luck can have a persistent effect. The book concludes with some general reflections on policies for economic growth, drawn not from any one modeling exercise but from general experience with a variety of growth models.

Product Details

Author:
Robert M Solow
Book Format:
Paperback
Country of Origin:
US
Date Published:
1 April 1997
Dimensions:
21.67 x 14.05 x 0.89 cm
ISBN-10:
0804728410
ISBN-13:
9780804728416
Language:
English
Pages:
104
Weight:
90.72 gm

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