Learning by Doing, Productivity, and Growth: New Evidence on the Link between Micro and Macro Data

Brad Humphreys, Scott Schuh and Corey Williams
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Scott Schuh: West Virginia University
Corey Williams: Shippensburg University

No 24-02, Working Papers from Department of Economics, West Virginia University

Abstract: Research suggests athletic performances are well-measured proxies for technological progress. This paper uses a century of auto and foot racing data to analyze technological changes in microeconomic learning-by-doing (LBD), observed as declining elapsed times, and macroeconomic aggregates like total factor productivity (TFP). The pace of LBD in athletics also declined around the 1973 Productivity Slowdown and varies widely across time and athletes. Auto racing speeds mainly reflect technological changes in capital (cars) and share a common stochastic trend with TFP (cointegration). Speeds error correct to TFP, but not vice versa, affirming TFP diffusion assumed in basic macro growth models.

Keywords: Technological progress; learning by doing; TFP; labor productivity; autoracing, track and  field, RBC model, cointegration, error correction, Indianapolis 500; NHRA Winternationals (search for similar items in EconPapers)
JEL-codes: C22 C32 D24 E24 O33 O47 (search for similar items in EconPapers)
Pages: 50 pages
New Economics Papers: this item is included in nep-eff, nep-eur and nep-his
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