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NewGrowthTheory: Technology & Learning (III. Lessons for Economic…
NewGrowthTheory: Technology & Learning
I. A. Increasing Returns to Knowledge Drive Economy
I. What is New Growth Theory
I. B. Special Characteristics of Knowledge
I. C. Implications of Increasing Returns
I.C. 1. Opportunities for Growth may be Almost Limitless
I.C. 2. Market Tend to Under-Investment in Knowledge
I.C. 3. Knowledge-based Economies Tend towards Monopolistic Competition
II. Implications of New Grwoth Theory
II. A. History Matters
II. A. 1. Increasing Returns Produce Path Dependence
II. A. 2. Economies Exhibit Evolutionary Tendencies
II. A. 3. Creative Destruction is an Instrinsic Part of Economic Progress
II. B. Institutions Matter
II. B. 1. KNowledge is Partly Codifiable, and Partly Tacit
II. B. 2. Tacit Knowldge is less Mobile
II. B. 3. Diversity and Diversity and Specialization Shape Knowledge Spillover
II. B. 4. Local Institutions and Cultures Shape Knowledge
III. Lessons for Economic Development Policy
Economic Strategies
should Focus on Creating new Knowledge
States and Communities are not powerless
to influence their economic destiny
Path dependent quality of growth
large and small play a role in Eco. Growth
EG is not zero sum game
III. A. Creating Kowledge is Central to ED
III. B. Strategic Oppotunities Exist to Influence EG
III. C. Every Community has different Opportunities
III. D. Everyone can Create Knowledge
III. E. Maco Policies Can Trigger Increasing Returns to Growth