Learning, as a wonder weapon of endogenous growth?

Peter Mihalyi

No 1727, CERS-IE WORKING PAPERS from Institute of Economics, Centre for Economic and Regional Studies

Abstract: This extended book review of Creating a Learning Society by Joseph Stiglitz and Bruce Greenwald (2014) looks at the 700-page long scholarly work from a transition economy perspective. Using as a starting point Arrow’s renowned concept of “learning by doing”, the authors throw away the doctrines of free trade, liberalization of capital, as well as the liberalization of labour and currency markets (for short: the Washington consensus) by claiming that these policies imped economy-wide learning. In the opinion of the present author, Stiglitz and his co-author are using the term “learning” in such a broad sense that it becomes almost meaningless as an explanatory factor in their endogenous growth concept thought out primarily for less developed (infant) economies.

Keywords: Infant industry; infant economy; learning; labour productivity; inertia; rivalry; Washington consensus (search for similar items in EconPapers)
JEL-codes: E61 E71 F12 I26 I28 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2017-09
New Economics Papers: this item is included in nep-his and nep-mac
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