- Title Pages
- Chapter One The Learning Revolution
- Chapter Two On the Importance of Learning
- Chapter Three A Learning Economy
- Chapter Four Creating a Learning Firm and a Learning Environment
- Chapter Five Market Structure, Welfare, and Learning
- Chapter Six The Welfare Economics of Schumpeterian Competition
- Chapter Seven Learning in a Closed Economy—the Basic Model
- Chapter Eight A Two-Period, <i>N</i>-Good Model with Endogenous Labor Supply
- Chapter Nine Learning with Monopolistic Competition
- Chapter Ten Long-Term Growth and Innovation
- Chapter Eleven The Infant-Economy Argument for Protection
- Chapter Twelve The Role of Industrial and Trade Policy in Creating a Learning Society
- Chapter Thirteen Financial Policy and Creating a Learning Society
- Chapter Fourteen Macroeconomic and Investment Policies for a Learning Society
- Chapter Fifteen Intellectual Property
- Chapter Sixteen Social Transformation and the Creation of a Learning Society
- Chapter Seventeen Concluding Remarks
- Chapter Eighteen Introductory Remarks for the First Annual Arrow Lecture
- Chapter Nineteen Further Considerations
- Chapter Twenty Commentary
- Chapter Twenty-One Commentary
- Chapter Twenty-Two Commentary
- Notes on Contributors
- (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.
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