Internal Learning By Doing And Economic Growth
AbstractThis 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.
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Bibliographic InfoArticle provided by Chung-Ang Unviersity, Department of Economics in its journal Journal Of Economic Development.
Volume (Year): 30 (2005)
Issue (Month): 2 (December)
Internal LBD; Endogenous Growth; Return to Saving; Convergence Speed; Investment Share and Growth Rate;
Find related papers by JEL classification:
- O30 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - General
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
- O50 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - General
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