Mechanisms for Learning by Doing, Low-Cost Competition, and Changes in Growth Paths

Ping Zhang and Xiahui Liu

Chinese Economy, 2008, vol. 41, issue 4, 54-76

Abstract: The change in the model of economic growth in China has become common knowledge. But most of the analyses are limited to the macro level and lack discussion on the mechanism of micro behavior. The present article starts with an analysis of the evolution of "learning by doing" and presents an overtaking-type supply curve. It then explores the mass action of an arbitrage-type, low-cost competition model arising from learning by doing and, from perspectives of both theory and fact, explains the endogenous evolution and combination method of technical factors in the economic growth of China. The article finally reaches the conclusion that changes in economic growth may be promoted by way of supply policy and further market reforms.

Date: 2008
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