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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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(p.504) Chapter Twenty-Two Commentary
Creating a Learning Society

Kenneth J. Arrow

Columbia University Press

This chapter presents a commentary by Kenneth J. Arrow, Professor Emeritus at Stanford University. He focuses on the issue of learning and knowledge emphasized by the Stiglitz-Greenwald paper. He says that although Arrow's paper alludes to the issue of competitive pressures and the effect tariffs and protection on efficiency, it really does not pursue this question very much. Nor does it explore deeply another issue that it poses—that of macroeconomic stability. Instead, the dominant theme of the paper is the question of spillovers and learning and how the presence of such effects may justify the adoption of industrial policies. He further says that most of the problems considered in the paper arise in a closed economy.

Keywords:   Kenneth J. Arrow, knowledge spillovers, economic growth, foreign trade, industrial policy, macroeconomic stability, learning

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