By Joseph E. Stiglitz, Bruce Greenwald, Philippe Aghion, Kenneth Arrow, Robert Solow, Michael Woodford
It has lengthy been well-known that the majority lifestyle raises are linked to advances in expertise, no longer the buildup of capital. but it has additionally turn into transparent that what really separates constructed from much less constructed international locations isn't just a niche in assets or output yet a spot in wisdom. in reality, the velocity at which constructing nations develop is basically decided through the velocity at which they shut that hole.
Therefore, how international locations study and develop into extra effective is vital to figuring out how they develop and boost, specifically over the long run. In Creating a studying Society, Joseph E. Stiglitz and Bruce C. Greenwald spell out the results of this perception for either fiscal concept and coverage. Taking as a kick off point Kenneth J. Arrow's 1962 paper "Learning by means of Doing," they clarify why the construction of data differs from that of different items and why industry economies by myself are usually no longer effective within the construction and transmission of information. ultimate wisdom gaps, or aiding laggards examine, is relevant to progress and improvement.
Combining technical financial research with obtainable prose, Stiglitz and Greenwald supply new types of "endogenous growth," upending the bought considering worldwide coverage and exchange regimes. They convey how well-designed govt exchange and business regulations may help create a studying society; clarify how poorly designed highbrow estate regimes can retard studying; show how nearly each govt coverage has results, either optimistic and destructive, on studying; they usually argue that policymakers have to be cognizant of those results. They provocatively express why many typical coverage prescriptions, specially linked to "neoliberal" doctrines targeting static source allocations, hamper studying and clarify why loose exchange could lead to stagnation, whereas wide established business defense and alternate price interventions could deliver advantages, not only to the economic quarter, yet to the total economic climate.
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 info for Creating a Learning Society: A New Approach to Growth, Development, and Social Progress
Housing entailed barnlike living conditions with no privacy, and climate control consisted only of necessary heat in winter. Clothing was utilitarian and rarely involved more than single outfits with the seasonal addition of overclothes. Medical care was almost nonexistent. Travel was rare, largely local, difficult, and uncomfortable. Recreation was self-generated and primitive. Only a small aristocratic minority enjoyed what we would consider today an appropriate human standard of living—varieties of fresh food, including meat; private, well-warmed accommodations; multiple sets of clothing for varied occasions; rudimentary personal and medical care; and opportunities for travel and sophisticated entertainment.
We feel the commentaries give a window into how our teachers and colleagues shaped our own thinking. Aghion’s lecture adds depth and additional perspectives to our analyses. This lecture also provides us with an opportunity to honor another of our teachers, Robert Solow, the father of modern growth theory. Solow and Arrow taught us how simple ideas can have profound effects. Bringing in insights from the economics of knowledge and learning fundamentally changes one’s view about how to think about policies designed to promote growth.
JOSEPH E. STIGLITZ AND BRUCE C. edu Copyright © 2014 Columbia University Press All rights reserved EISBN: 978-0-231-52554-1 Library of Congress Cataloging-in-Publication Data Stiglitz, Joseph E. Creating a learning society : a new approach to growth, development, and social progress/Joseph E. Stiglitz and Bruce C. Greenwald; with commentary and contributions from Philippe Aghion, Kenneth J. Arrow, Robert M. Solow, and Michael Wood Ford. pages cm. — (Kenneth Arrow Lecture) Includes bibliographical references and index.
Creating a Learning Society: A New Approach to Growth, Development, and Social Progress by Joseph E. Stiglitz, Bruce Greenwald, Philippe Aghion, Kenneth Arrow, Robert Solow, Michael Woodford