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Learning by Doing and the Introduction of New Goods
Nancy L. Stokey
Journal of Political Economy
Vol. 96, No. 4 (Aug., 1988), pp. 701-717
Published by: The University of Chicago Press
Stable URL: http://www.jstor.org/stable/1830470
Page Count: 17
You can always find the topics here!Topics: Economic growth models, Political economy, Unit costs, Learning by doing, Economic models, Long run economic growth, Prices, Economic theory, Commercial production, Structural capital
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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.
Journal of Political Economy © 1988 The University of Chicago Press