INTERNAL LEARNING BY DOING AND ECONOMIC GROWTH

Carmen Alvarez Albelo () and Antonio Manresa
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Carmen Alvarez Albelo: Universidad de La Laguna

Journal of Economic Development, 2005, vol. 30, issue 2, 1-23

Abstract: This paper analyses the consequences for growth during the transitional period of considering the learning-by-doing process proposed by Arrow (1962) as internal, instead of as an externality. To do this, it develops a simple endogenous growth model with human capital accumulation through external and internal learning processes. The calibrated model delivers two features of the Japanese growth experience: slow convergence, and negative correlation between the growth rate of per capita GDP and investment share. The crucial implication of internal learning-by-doing is the double role of physical investment that operates reducing diminishing returns to physical capital.

Keywords: Internal LBD; Endogenous Growth; Return to Saving; Convergence Speed; Investment Share and Growth Rate (search for similar items in EconPapers)
JEL-codes: O30 O41 O50 (search for similar items in EconPapers)
Date: 2005
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Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:jed:journl:v:30:y:2005:i:2:p:1-23

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