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Moore's Law and Learning-By-Doing

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Author Info

  • Boyan Jovanovic

    (University of Chicago and New York University)

  • Peter L. Rousseau

    (Vanderbilt University)

Abstract

We model Moore's Law as efficiency of computer producers that rises as a by-product of their experience. We find that (a) because computer prices fall much faster than the prices of electricity-driven and diesel-driven capital ever did, growth in the coming decades should be very fast, and that (b) the obsolescence of firms today occurs faster than before, partly because the physical capital they own becomes obsolete faster. (Copyright: Elsevier)

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File URL: http://dx.doi.org/10.1006/redy.2002.0162
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Bibliographic Info

Article provided by Elsevier for the Society for Economic Dynamics in its journal Review of Economic Dynamics.

Volume (Year): 5 (2002)
Issue (Month): 2 (April)
Pages: 346-375

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Handle: RePEc:red:issued:v:5:y:2002:i:2:p:346-375

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Related research

Keywords: Computers; Electricity; Internal Combustion.;

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References

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  1. Jovanovic, Boyan & Lach, Saul, 1989. "Entry, Exit, and Diffusion with Learning by Doing," American Economic Review, American Economic Association, vol. 79(4), pages 690-99, September.
  2. Gordon, Robert J., 1990. "The Measurement of Durable Goods Prices," National Bureau of Economic Research Books, University of Chicago Press, edition 1, number 9780226304557, янваÑ.
  3. David, P.A., 1989. "Computer And Dynamo: The Modern Productivity Paradox In A Not-Too Distant Mirror," The Warwick Economics Research Paper Series (TWERPS) 339, University of Warwick, Department of Economics.
  4. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
  5. Peter Klenow, 1998. "Learning Curves and the Cyclical Behavior of Manufacturing Industries," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(2), pages 531-550, April.
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  7. Plutarchos Sakellaris & Daniel J. Wilson, 2001. "The production-side approach to estimating embodied technological change," Finance and Economics Discussion Series 2001-20, Board of Governors of the Federal Reserve System (U.S.).
  8. Robert J. Gordon, 1990. "The Measurement of Durable Goods Prices," NBER Books, National Bureau of Economic Research, Inc, number gord90-1, May.
  9. Boyan Jovanovic & Peter L. Rousseau, 2001. "Why Wait? A Century of Life Before IPO," NBER Working Papers 8081, National Bureau of Economic Research, Inc.
  10. Greenwood, J. & Yorukoglu, M., 1996. "1974," RCER Working Papers 429, University of Rochester - Center for Economic Research (RCER).
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  14. Gordon, Robert J, 2000. "Does the 'New Economy' Measure up to the Great Inventions of the Past?," CEPR Discussion Papers 2607, C.E.P.R. Discussion Papers.
  15. Bahk, Byong-Hong & Gort, Michael, 1993. "Decomposing Learning by Doing in New Plants," Journal of Political Economy, University of Chicago Press, vol. 101(4), pages 561-83, August.
  16. Rebecca Achee Thornton & Peter Thompson, 2001. "Learning from Experience and Learning from Others: An Exploration of Learning and Spillovers in Wartime Shipbuilding," American Economic Review, American Economic Association, vol. 91(5), pages 1350-1368, December.
  17. Irwin, Douglas A & Klenow, Peter J, 1994. "Learning-by-Doing Spillovers in the Semiconductor Industry," Journal of Political Economy, University of Chicago Press, vol. 102(6), pages 1200-1227, December.
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  19. Merlo, A. & Schotter, A., 2001. "Learning By Not Doing: An Experimental Investigation of Observational Learning," Working Papers 01-09, C.V. Starr Center for Applied Economics, New York University.
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Citations

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Cited by:
  1. Groth, Christian & Wendner, Ronald, 2014. "Embodied learning by investing and speed of convergence," Journal of Macroeconomics, Elsevier, vol. 40(C), pages 245-269.
  2. Eugene N. White, 2006. "Bubbles and Busts: The 1990s in the Mirror of the 1920s," NBER Working Papers 12138, National Bureau of Economic Research, Inc.
  3. Quella, Núria, 2007. "Intra- and Inter-Sectoral Knowledge Spillovers and TFP Growth Rates," MPRA Paper 2853, University Library of Munich, Germany.
  4. Hyunbae Chun & Jung-Wook Kim & Jason Lee & Randall Morck, 2004. "Patterns of Comovement: The Role of Information Technology in the U.S. Economy," NBER Working Papers 10937, National Bureau of Economic Research, Inc.
  5. Annicchiarico, B. & Corrado, L. & Pelloni, A., 2008. "Long-Term Growth and Short-Term Volatility: The Labour Market Nexus," Cambridge Working Papers in Economics 0823, Faculty of Economics, University of Cambridge.
  6. François Gourio, 2005. "Operating Leverage,Stock Market Cyclicality,and the Cross-Section of Returns," Boston University - Department of Economics - Working Papers Series WP2005-002, Boston University - Department of Economics.
  7. Boyan Jovanovic, 2002. "EconomicDynamics Interviews Boyan Jovanovic on Technology Adoption," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 4(1), November.
  8. Boyan Jovanovic & Peter L. Rousseau, 2005. "General Purpose Technologies," NBER Working Papers 11093, National Bureau of Economic Research, Inc.
  9. Hritonenko, Natali & Yatsenko, Yuri, 2012. "Energy substitutability and modernization of energy-consuming technologies," Energy Economics, Elsevier, vol. 34(5), pages 1548-1556.
  10. Christian Groth & Ronald Wendner, 2011. "Learning by Investing, Embodiment, and Speed of Convergence," EPRU Working Paper Series 2011-01, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
  11. Carrie Jankowski & Richard Porter & Tara Rice, 2007. "Against the tide—currency use among Latin American immigrants in Chicago," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q II, pages 2-21.
  12. Ronald Wendner & Christian Groth, 2012. "Embodied learning by investing and speed of convergence," Graz Economics Papers 2012-04, University of Graz, Department of Economics.
  13. Zhu Wang, 2008. "Income Distribution, Market Size and the Evolution of Industry," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 11(3), pages 542-565, July.
  14. J. Bradford DeLong, 2003. "Productivity Growth in the 2000s," NBER Chapters, in: NBER Macroeconomics Annual 2002, Volume 17, pages 113-158 National Bureau of Economic Research, Inc.
  15. Zhu Wang, 2006. "Learning, diffusion and the industry life cycle," Payments System Research Working Paper PSR WP 04-01, Federal Reserve Bank of Kansas City.
  16. Nuria Quella, 2009. "Knowledge Spillovers and TFP Growth Rates," Department of Economics Working Papers 09-03, Stony Brook University, Department of Economics.

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