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.
Of the four chapters of this book, the first two were presented as
the Kenneth J. Arrow Lectures at Stanford University in 1993. The
computer simulations were specially done for inclusion in this
book. The final chapter on policies for economic growth was first
presented as the Ernest Sturc Lecture at the Johns Hopkins School
of Advanced International Studies in Washington in 1991.
General
Imprint: |
Stanford University Press
|
Country of origin: |
United States |
Series: |
Kenneth J Arrow Lectures |
Release date: |
April 1997 |
First published: |
1997 |
Authors: |
Robert M. Solow
|
Dimensions: |
229 x 152 x 9mm (L x W x T) |
Format: |
Paperback - Trade / Trade / Trade
|
Pages: |
104 |
ISBN-13: |
978-0-8047-2841-6 |
Categories: |
Books >
Business & Economics >
Economics >
Economic theory & philosophy
|
LSN: |
0-8047-2841-0 |
Barcode: |
9780804728416 |
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