Learning from 'Learning by Doing' - 9780804728409

Learning from 'Learning by Doing'Lessons for Economic Growth\nAuthor(s): Robert M. Solow\nFormat: Hardback\nPublisher: Stanford University Press, United States\nImprint: Stanford University Press\nISBN-13: 9780804728409, 978-0804728409\nSynopsis\nThis book by a Nobel laureate in economics begins with a brief exposition of Kenneth J. Arrow's classic paper \""The Economic Implications of Learning by Doing\"" [tel]. It shows how Arrow's idea fits into the modern theory of economic growth, and uses it as a springboard for a critical consideration of spectacular recent developments that have made growth theory a dynamic topic today.\n\n The author then develops a new theory that combines learning by doing (identifying it with the concept of \""continuous improvement\"") with a separate process of discrete \""innovations.\"" Learning by doing leads to a fairly smooth reduction in labor required per unit of output, tied to the rate of gross investment in new capital equipment. Innovations arrive .