Chapter

Technical progress as a Conscious Economic Activity — II

Dipankar Dasgupta

in Modern Growth Theory

Published in print November 2010 | ISBN: 9780198069966
Published online October 2012 | e-ISBN: 9780199080458 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780198069966.003.0006
Technical progress as a Conscious Economic Activity — II

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This chapter discusses the association between knowledge-based specialization and economic growth. By considering the link between economic growth and knowledge accumulation, the chapter views knowledge itself as a form of capital. The stock of knowledge at the disposal of any society is an often ignored, although very important, factor of production. Compared with other forms of capital, the stock of knowledge can grow either through dissemination across persons (that is, the learners) or in the shape of new knowledge produced by research. These two forms of knowledge generation are known as quantitative expansion and qualitative expansion, respectively. This chapter also examines private economy vs. command economy, inefficiencies in the private economy, analysis of brand proliferation using the Grossman and Helpman model, and research with and without public knowledge.

Keywords: specialization; economic growth; knowledge accumulation; stock of knowledge; public knowledge; research; quantitative expansion; qualitative expansion; private economy; command economy

Chapter.  13177 words.  Illustrated.

Subjects: Macroeconomics and Monetary Economics

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