By Joseph E. Stiglitz, Bruce Greenwald, Philippe Aghion, Kenneth Arrow, Robert Solow, Michael Woodford
It has lengthy been famous that the majority lifestyle raises are linked to advances in know-how, no longer the buildup of capital. but it has additionally develop into transparent that what actually separates constructed from much less constructed international locations isn't just a spot in assets or output yet a niche in wisdom. in truth, the speed at which constructing international locations develop is basically made up our minds by way of the velocity at which they shut that hole.
Therefore, how nations examine and develop into extra efficient is essential to figuring out how they develop and strengthen, specially over the longer term. In Creating a studying Society, Joseph E. Stiglitz and Bruce C. Greenwald spell out the results of this perception for either monetary conception and coverage. Taking as a kick off point Kenneth J. Arrow's 1962 paper "Learning through Doing," they clarify why the construction of data differs from that of alternative items and why marketplace economies on my own are usually now not effective within the creation and transmission of information. final wisdom gaps, or aiding laggards research, is important to development and improvement.
Combining technical financial research with obtainable prose, Stiglitz and Greenwald offer new types of "endogenous growth," upending the bought wondering international coverage and exchange regimes. They convey how well-designed govt alternate and business rules might help create a studying society; clarify how poorly designed highbrow estate regimes can retard studying; reveal how nearly each govt coverage has results, either confident and detrimental, on studying; they usually argue that policymakers must be cognizant of those results. They provocatively express why many usual coverage prescriptions, specially linked to "neoliberal" doctrines concentrating on static source allocations, hamper studying and clarify why loose alternate could lead to stagnation, whereas vast established commercial safeguard and alternate price interventions may possibly carry merits, not only to the commercial region, yet to the total economic system.
The quantity concludes with short commentaries from Philippe Aghion and Michael Woodford, in addition to from Nobel Laureates Kenneth J. Arrow and Robert M. Solow.
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Additional resources for Creating a Learning Society: A New Approach to Growth, Development, and Social Progress
We publish here their comments on our original lecture. The research that we did subsequently, and report here, shows how right they were. This volume begins with introductory remarks by Bruce Greenwald and me, our personal tribute to Ken, showing our affection and respect. Joseph E. Stiglitz, University Professor and Co-Chair of the Committee on Global Thought, Columbia University Acknowledgments Acknowledgments for the Series The Kenneth J. Arrow Lecture Series has been made possible through the efforts of Columbia University’s Committee on Global Thought (which I chaired at the time the series was inaugurated, and which is now co-chaired by Saskia Sassen) and by the Program in Economic Research (PER) of the Department of Economics at Columbia University (chaired by Michael Woodford) with the support and encouragement of the Columbia University Press.
2. Information society. 3. Progress. I. Greenwald, Bruce C. II. Title. III. Series. 3’2—dc23 2013047698 A Columbia University Press E-book. edu. Cover design: Noah Arlow References to websites (URLs) were accurate at the time of writing. Neither the author nor Columbia University Press is responsible for URLs that may have expired or changed since the manuscript was prepared. Contents Preface Acknowledgments Introduction PART ONE Creating a Learning Society: A New Approach to Growth, Development, and Social Progress: Basic Concepts CHAPTER ONE The Learning Revolution CHAPTER TWO On the Importance of Learning CHAPTER THREE A Learning Economy CHAPTER FOUR Creating a Learning Firm and a Learning Environment CHAPTER FIVE Market Structure, Welfare, and Learning CHAPTER SIX The Welfare Economics of Schumpeterian Competition PART TWO Analytics CHAPTER SEVEN Learning in a Closed Economy—the Basic Model CHAPTER EIGHT A Two-Period, N-Good Model with Endogenous Labor Supply CHAPTER NINE Learning with Monopolistic Competition CHAPTER TEN Long-Term Growth and Innovation CHAPTER ELEVEN The Infant-Economy Argument for Protection: Trade Policy in a Learning Environment PART THREE Policies for a Learning Society CHAPTER TWELVE The Role of Industrial and Trade Policy in Creating a Learning Society CHAPTER THIRTEEN Financial Policy and Creating a Learning Society CHAPTER FOURTEEN Macroeconomic and Investment Policies for a Learning Society CHAPTER FIFTEEN Intellectual Property CHAPTER SIXTEEN Social Transformation and the Creation of a Learning Society CHAPTER SEVENTEEN Concluding Remarks PART FOUR Commentary and Afterword CHAPTER EIGHTEEN Introductory Remarks for the First Annual Arrow Lecture, Michael Woodford CHAPTER NINETEEN Further Considerations, Joseph E.
If we are to understand what that responsibility is—and how it can best be fulfilled—we have to understand why it is that markets on their own don’t “work” and how innovation actually occurs in our society. The analysis presented here thus changes the presumption about the desirability of government intervention: now there is a presumption of market failure and a presumption for government to take actions to correct these market failures. This book, then, is an attempt to study the economics of “learning societies,” focusing especially on the role of government in promoting growth through the creation or strengthening of a learning society.