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Moore's Law and Learning-By-Doing

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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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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Keywords: Computers; Electricity; Internal Combustion.;

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  • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights

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  1. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
  2. Merlo, Antonio & Schotter, Andrew, 2003. "Learning by not doing: an experimental investigation of observational learning," Games and Economic Behavior, Elsevier, vol. 42(1), pages 116-136, January.
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  4. 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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Cited by:

  1. Hritonenko, Natali & Yatsenko, Yuri, 2012. "Energy substitutability and modernization of energy-consuming technologies," Energy Economics, Elsevier, vol. 34(5), pages 1548-1556.
  2. Barbara Annicchiarico & Luisa Corrado & Alessandra Pelloni, 2011. "Long‐Term Growth And Short‐Term Volatility: The Labour Market Nexus," Manchester School, University of Manchester, vol. 79(s1), pages 646-672, 06.
  3. 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.
  4. 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.
  5. Giovanni Dosi & Richard Nelson, 2013. "The Evolution of Technologies: An Assessment of the State-of-the-Art," Eurasian Business Review, Eurasia Business and Economics Society, vol. 3(1), pages 3-46, June.
  6. 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.
  7. 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.
  8. Ronald Wendner & Christian Groth, 2012. "Embodied learning by investing and speed of convergence," Graz Economics Papers 2012-04, University of Graz, Department of Economics.
  9. 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.
  10. Boyan Jovanovic, 2002. "EconomicDynamics Interviews Boyan Jovanovic on Technology Adoption," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 4(1), November.
  11. 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.
  12. Quella, Núria, 2007. "Intra- and Inter-Sectoral Knowledge Spillovers and TFP Growth Rates," MPRA Paper 2853, University Library of Munich, Germany.
  13. 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.
  14. Peter L. Rousseau & Boyan Jovanovic, 2004. "General Purpose Technologies," 2004 Meeting Papers 103, Society for Economic Dynamics.
  15. Nuria Quella, 2009. "Knowledge Spillovers and TFP Growth Rates," Department of Economics Working Papers 09-03, Stony Brook University, Department of Economics.
  16. 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.

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