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Internal Learning By Doing And Economic Growth

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  • Carmen Alvarez Albelo

    ()
    (Universidad de La Laguna)

  • Antonio Manresa

    (Universitat de Barcelona)

Abstract

This 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 Info

Article provided by Chung-Ang Unviersity, Department of Economics in its journal Journal Of Economic Development.

Volume (Year): 30 (2005)
Issue (Month): 2 (December)
Pages: 1-23

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Handle: RePEc:jed:journl:v:30:y:2005:i:2:p:1-23

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Related research

Keywords: Internal LBD; Endogenous Growth; Return to Saving; Convergence Speed; Investment Share and Growth Rate;

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References

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  1. Loayza, N. & Schmidt, K. & Serven, L., 1999. "What Drives Private Saving Across the World?," Papers 47, Cambridge - Risk, Information & Quantity Signals.
  2. Sherwin Rosen, 1985. "Implicit Contracts: A Survey," NBER Working Papers 1635, National Bureau of Economic Research, Inc.
  3. Larry Jones & Rodolfo Manuelli & Henry Siu, 2000. "Growth and Business Cycles," NBER Working Papers 7633, National Bureau of Economic Research, Inc.
  4. Sebastian Edwards, 1995. "Why are Saving Rates so Different Across Countries?: An International Comparative Analysis," NBER Working Papers 5097, National Bureau of Economic Research, Inc.
  5. Madsen, Jakob B., 2002. "The causality between investment and economic growth," Economics Letters, Elsevier, vol. 74(2), pages 157-163, January.
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Cited by:
  1. Rao, B. Bhaskara, 2008. "Estimates of the Steady State Growth Rates for Selected Asian Countries with an Extended Solow Model," MPRA Paper 9724, University Library of Munich, Germany, revised 01 Jul 2008.

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