Abstract

A dynamic general equilibrium model is developed in which goods are valued according to the characteristics they contain; the set of goods produced in any period is endogenously determined; and learning by doing is the force behind sustained growth. It is shown that the set of produced goods changes in a systematic way over time, with goods of higher quality entering each period and those of lower quality dropping out. The model is then used to study the effect of introducing a "traditional" sector in which there is no learning. Copyright 1988 by University of Chicago Press.

Keywords

Quality (philosophy)Set (abstract data type)EconomicsMicroeconomicsLearning-by-doingPeriod (music)General equilibrium theoryFinished goodMathematical economicsIndustrial organizationProduction (economics)Computer sciencePhysics

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Publication Info

Year
1988
Type
article
Volume
96
Issue
4
Pages
701-717
Citations
468
Access
Closed

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Cite This

Nancy L. Stokey (1988). Learning by Doing and the Introduction of New Goods. Journal of Political Economy , 96 (4) , 701-717. https://doi.org/10.1086/261559

Identifiers

DOI
10.1086/261559