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Creating a Learning SocietyA New Approach to Growth, Development, and Social Progress$
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Joseph Stiglitz and Bruce Greenwald

Print publication date: 2014

Print ISBN-13: 9780231152143

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231152143.001.0001

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Macroeconomic and Investment Policies for a Learning Society

Macroeconomic and Investment Policies for a Learning Society

(p.414) Chapter Fourteen Macroeconomic and Investment Policies for a Learning Society
Creating a Learning Society

Joseph E. Stiglitz

Bruce C. Greenwald

Columbia University Press

This chapter looks at four broad issues regarding how government macroeconomic and investment policies can help create a learning economy. The first looks at financial and capital market liberalization. It uses an information-theoretic analysis to help explain why such liberalization may systemically be associated with more macro-instability. The second considers exchange rate policy. Adjustments in exchange rate have become an increasingly important tool with the advent of increasing international restrictions on the use of trade and industrial policy. The third deals with foreign direct investment (FDI), asking how and when it can be used to promote a learning economy. The fourth examines the role of government investment.

Keywords:   macroeconomic policy, investment policy, learning society, exchange rate, foreign direct investment, learning economy, government investment, financial liberalization, capital market

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