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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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Learning with Monopolistic Competition

Learning with Monopolistic Competition

(p.310) Chapter Nine Learning with Monopolistic Competition
Creating a Learning Society

Joseph E. Stiglitz

Bruce C. Greenwald

Columbia University Press

This chapter focuses on certain simplified cases where the market distortions associated with learning can be identified. It first describes the behavior of the monopolist. It then contrasts the monopoly outcome with the competitive outcome, focusing in particular on the case of symmetry. Next, it discusses the optimal government intervention, focusing on the special case of a two-sector model, in one of which there is learning which spills over to the other. In this case, it is shown that not only is a subsidy on manufacturing desirable, there is even some presumption that it should be larger with monopoly than with competition.

Keywords:   learning, monopoly, competition, spillovers, two-sector model, taxation, economic policy, government intervention, market distortion, symmetry

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