Economic Growth
Making a Miracle
Author(s): Robert E. Lucas, Jr.
Source: Econometrica, Vol. 61, No. 2 (Mar., 1993), pp. 251-272
Published by: The Econometric Society
Stable URL: http://www.jstor.org/stable/2951551
Accessed: 21/02/2010 22:13
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Econometrica, Vol. 61, No. 2 (March, 1993), 251-272
MAKING A MIRACLE1
BY ROBERT
E. LUCAS, JR.
This lecture surveys recent models of growth and trade in search of descriptions of technologies that are consistent with episodes of very rapid income growth. Emphasis is placed on the on-the-job accumulation of human capital: learning by doing. Possible connections between learning rates and international trade are discussed.
KEYWORDS:
Growth, productivity, on-the-job training, learning.
Author(s): Robert E. Lucas, Jr.
Source: Econometrica, Vol. 61, No. 2 (Mar., 1993), pp. 251-272
Published by: The Econometric Society
Stable URL: http://www.jstor.org/stable/2951551
Accessed: 21/02/2010 22:13
Your use of the JSTOR archive indicates your acceptance of JSTOR 's Terms and Conditions of Use, available at http://www.jstor.org/page/info/about/policies/terms.jsp. JSTOR 's Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use.
Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at http://www.jstor.org/action/showPublisher?publisherCode=econosoc. Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission.
JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@jstor.org.
The Econometric Society is collaborating with JSTOR to digitize, preserve and extend access to Econometrica.
http://www.jstor.org
Econometrica, Vol. 61, No. 2 (March, 1993), 251-272
MAKING A MIRACLE1
BY ROBERT
E. LUCAS, JR.
This lecture surveys recent models of growth and trade in search of descriptions of technologies that are consistent with episodes of very rapid income growth. Emphasis is placed on the on-the-job accumulation of human capital: learning by doing. Possible connections between learning rates and international trade are discussed.
KEYWORDS:
Growth, productivity, on-the-job training, learning.
References: KENNETH J. (1961): "The Economic Implications of Learning by Doing," Review of Economic Studies, 29, 155-173. BACKUS, DAVID K., PATRICK J. KEHOE, AND TIMOTHY J. KEHOE (1991): "In Search of Scale Effects in Trade and Growth," Federal Reserve Bank of Minneapolis Working Paper. (1992): "Convergence," AND and Welfare," American EcoBAUMOL, WILLIAM J. (1986): "Productivity Growth, Convergence, nomic Review, 76, 1072-1085. Welfare: Reply," American Economic Review, 78, 1155-1159. (1990): "Capital, DAN (1991): "Equalizing Exchange: A Study of the Effects of Trade Liberalization," Bureau of Economic SCHEINKMAN (1988): "Learning-by-Doing, Growth: A Note," in Santa Fe Institute Studies in the Sciences BOSTON CONSULTING GROUP (1968): Perspectiues on Experience. Boston: Boston Growth DE LONG, J. BRADFORD (1988): "Productivity Growth, American Economic Reuiew, 78, 1138-1154.