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Learning-by-Doing and the Introduction of New Goods

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  • Nancy L Stokey

Abstract

A dynamic general equilibrium model is developed in which goods are valued according to the characteristics they contain; the set of goods produced in any period is endogenously determined; and learning by doing is the force behind sustained growth. It is shown that the set of produced goods changes in a systematic way over time, with goods of higher quality entering each period and those of lower quality dropping out. The model is then used to study the effect of introducing a "traditional" sector in which there is no learning. Copyright 1988 by University of Chicago Press.
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Suggested Citation

  • Nancy L Stokey, 1986. "Learning-by-Doing and the Introduction of New Goods," Discussion Papers 699, Northwestern University, Center for Mathematical Studies in Economics and Management Science, revised May 1987.
    • Handle: RePEc:nwu:cmsems:699
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    File URL: http://www.kellogg.northwestern.edu/research/math/papers/699.pdf
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    References listed on IDEAS

    as
    1. Tjalling C. Koopmans, 1963. "On the Concept of Optimal Economic Growth," Cowles Foundation Discussion Papers 163, Cowles Foundation for Research in Economics, Yale University.
    2. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74(2), pages 132-132.
    3. S. Clemhout & H. Y. Wan, 1970. "Learning-by-Doing and Infant Industry Protection," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 37(1), pages 33-56.
    4. K. J. Arrow, 1971. "The Economic Implications of Learning by Doing," Palgrave Macmillan Books, in: F. H. Hahn (ed.), Readings in the Theory of Growth, chapter 11, pages 131-149, Palgrave Macmillan.
    5. P. A. Diamond, 1971. "Disembodied Technical Change in a Two-Sector Model," Palgrave Macmillan Books, in: F. H. Hahn (ed.), Readings in the Theory of Growth, chapter 7, pages 53-60, Palgrave Macmillan.
    6. Judd, Kenneth L, 1985. "On the Performance of Patents," Econometrica, Econometric Society, vol. 53(3), pages 567-585, May.
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