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It has long been recognized that an improved standard of living results from advances in technology, not from the accumulation of capital. It has also become clear that what truly separates developed from less-developed countries is not just a gap in resources or output but a gap in knowledge. In fact, the pace at which developing countries grow is largely a function of the pace at which they close that gap.

Thus, to understand how countries grow and develop, it is essential to know how they learn and become more productive and what government can do to promote learning. In Creating a Learning Society , Joseph E. Stiglitz and Bruce C. Greenwald cast light on the significance of this insight for economic theory and policy. Taking as a starting point Kenneth J. Arrow's 1962 paper "Learning by Doing," they explain why the production of knowledge differs from that of other goods and why market economies alone typically do not produce and transmit knowledge efficiently. Closing knowledge gaps and helping laggards learn are central to growth and development. But creating a learning society is equally crucial if we are to sustain improved living standards in advanced countries.

Combining accessible prose with technical economic analysis, Stiglitz and Greenwald provide new models of "endogenous growth," up-ending thowhe thinking about both domestic and global policy and trade regimes. They show well-designed government trade and industrial policies can help create a learning society, and how poorly designed intellectual property regimes can retard learning. They also explain how virtually every government policy has effects, both positive and negative, on learning, a fact that policymakers must recognize. They demonstrate why many standard policy prescriptions, especially those associated with "neoliberal" doctrines focusing on static resource allocations, have impeded learning. Among the provocative implications are that free trade may lead to stagnation whereas broad-based industrial protection and exchange rate interventions may bring benefits--not just to the industrial sector, but to the entire economy.

The volume concludes with brief commentaries from Philippe Aghion and Michael Woodford, as well as from Nobel Laureates Kenneth J. Arrow and Robert M. Solow.

Tabla de contenidos provista por Syndetics

• Preface(p. ix)
• Acknowledgments(p. xiii)
• Introduction(p. 1)
• Part 1 Creating a Learning Society: A New Approach to Growth, Development, and Social Progress Basic Concepts
• Chapter 1 The Learning Revolution(p. 13)
• Chapter 2 On the Importance of Learning(p. 29)
• Chapter 3 A Learning Economy(p. 47)
• Chapter 4 Creating a Learning Firm and a Learning Environment(p. 88)
• Chapter 5 Market Structure, Welfare, and Learning(p. 101)
• Chapter 6 The Welfare Economics of Schumpeterian Competition(p. 131)
• Part 2 Analytics
• Chapter 7 Learning in a Closed Economy-the Basic Model(p. 265)
• Chapter 8 A Two-Period, N-Good Model with Endogenous Labor Supply(p. 286)
• Chapter 9 Learning with Monopolistic Competition(p. 310)
• Chapter 10 Long-Term Growth and Innovation(p. 319)
• Chapter 11 The Infant-Economy Argument for Protection: Trade Policy in a Learning Environment(p. 331)
• Part 3 Policies for a Learning Society
• Chapter 12 The Role of Industrial and Trade Policy in Creating a Learning Society(p. 369)
• Chapter 13 Financial Policy and Creating a Learning Society(p. 401)
• Chapter 14 Macroeconomic and Investment Policies for a Learning Society(p. 414)
• Chapter 15 Intellectual Property(p. 429)
• Chapter 16 Social Transformation and the Creation of a Learning Society(p. 457)
• Chapter 17 Con dueling Remarks(p. 473)
• Part 4 Commentary and Afterword
• Chapter 18 Introductory Remarks for the First Annual Arrow Lecture, Michael Woodford(p. 485)
• Chapter 19 Further Considerations(p. 488)
• Chapter 20 Commentary: The Case for Industrial Policy(p. 492)
• Chapter 21 Commentary-Robert Solow(p. 499)
• Chapter 22 Commentary(p. 504)
• Afterword: Rethinking Industrial Policy, Philippe Aghion(p. 509)
• Notes(p. 523)
• References(p. 587)
• Notes on Contributors(p. 625)
• Index(p. 629)

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CHOICE Review

In this tribute to Kenneth J. Arrow and Robert M. Solow, founders of the modern theory of economic growth, Stiglitz and Greenwald (both, Columbia Univ.) argue that what separates developed countries from less developed ones is not simply a gap in resources or output but a gap in knowledge. To understand how countries grow and develop, the authors consider it essential to know how countries learn and become more productive and what governments can do to promote learning. Consequently, Stiglitz and Greenwald call for the creation of a learning society and propose that industrial technology is the key to development and to filling the knowledge gap. The authors argue that government involvement is essential for helping infant economies and that economic policy should focus on creating a learning society. As a way of structuring their ideas, the authors provide a topical guide and concluding remarks in each chapter. Chapter 6, in which the authors question Joseph Schumpeter's theory of competition and defense of monopoly, is particularly interesting. Also intriguing is chapter 11, which extends the book's analysis to an open economy and multiple goods for production. Throughout, simple and complex mathematical models and commentaries by Kenneth Arrow, Robert Solow, and others enrich the text. Summing Up: Recommended. Upper-division undergraduates and above. --Elias H. Tuma, University of California, Davis

Notas de autor provistas por Syndetics

Joseph Stiglitz is professor of economics at Columbia University.