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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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Concluding Remarks

Concluding Remarks

(p.473) Chapter Seventeen Concluding Remarks
Creating a Learning Society

Joseph E. Stiglitz

Bruce C. Greenwald

Columbia University Press

This chapter summarizes the preceding discussions and presents some final thoughts. The objective of this book has been to show the potential that the economics of learning and innovation has for revolutionizing both economic theory and policy. It has questioned, for instance, some of the basic tools used by economists. It has shown that comparative advantage needs to be reexamined in light of the increasing mobility of skilled labor and capital. It has explained why, in a learning economy, there is no presumption that the market economy, on its own, is efficient. It has also attempted to provide an analysis of factors that increase a society's learning capabilities and enhance its learning. The chapter concludes that increases in standards of living have more to do with learning, the focus of this book, than with allocative efficiency, the subject which has been the preoccupation of economists. That this is so holds out enormous prospects for the well-being of those in the developing world.

Keywords:   learning, innovation, economic theory, economics, economic policy, developing countries, allocative efficiency

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