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Specialization, Information, and Growth: A Sequential Equilibrium Analysis

  • Ng, Yew-Kwang
  • Yang, Xiaokai

Pricing costs and information problems are introduced into a framework with consumer-producers, economies of specialization, and transaction costs, to predict the endogenous and concurrent evolution of the division of labor and of information concerning economic organization acquired by society. Concurrent evolution generates endogenous growth based on the tradeoff between gains from information about the efficient pattern of the division of labor--which can be acquired via experiments with various patterns--and experimentation costs, which relate to the costs of discovering prices. The concept of Walras sequential equilibrium is developed to analyze the social learning process which is characterized by uncertainties in the direction of the evolution and by a certain trend of the evolutionary process. Copyright 1997 by Blackwell Publishing Ltd

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Article provided by Wiley Blackwell in its journal Review of Development Economics.

Volume (Year): 1 (1997)
Issue (Month): 3 (October)
Pages: 257-74

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Handle: RePEc:bla:rdevec:v:1:y:1997:i:3:p:257-74
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  1. Paul M Romer, 1999. "Endogenous Technological Change," Levine's Working Paper Archive 2135, David K. Levine.
  2. Yang, Xiaokai & Borland, Jeff, 1991. "A Microeconomic Mechanism for Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 99(3), pages 460-82, June.
  3. Grossman, Gene M & Helpman, Elhanan, 1989. "Product Development and International Trade," Journal of Political Economy, University of Chicago Press, vol. 97(6), pages 1261-83, December.
  4. Richard R. Nelson, 1995. "Recent Evolutionary Theorizing about Economic Change," Journal of Economic Literature, American Economic Association, vol. 33(1), pages 48-90, March.
  5. Aghion, Philippe, et al, 1991. "Optimal Learning by Experimentation," Review of Economic Studies, Wiley Blackwell, vol. 58(4), pages 621-54, July.
  6. Kreps, David M & Wilson, Robert, 1982. "Sequential Equilibria," Econometrica, Econometric Society, vol. 50(4), pages 863-94, July.
  7. Kevin M. Murphy & Andrei Shleifer & Robert W. Vishny, 1988. "Industrialization and the Big Push," NBER Working Papers 2708, National Bureau of Economic Research, Inc.
  8. Aghion, P. & Bolton, P. & Harris, C. & Jullien, B., 1990. "Optimal Learning By Experimentation," DELTA Working Papers 90-10, DELTA (Ecole normale supérieure).
  9. John Conlisk, 1996. "Why Bounded Rationality?," Journal of Economic Literature, American Economic Association, vol. 34(2), pages 669-700, June.
  10. Yang, Xiaokai, 1990. "Development, structural changes and urbanization," Journal of Development Economics, Elsevier, vol. 34(1-2), pages 199-222, November.
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