Author information:
Péter Mihályi: Corvinus University of Budapest, Professor; Central European University (Budapest), Visiting Professor. E-mail: peter@mihalyi.com
Abstract:
This essay attempts to refute the practicality of the main policy propositions of the book by Joseph Stiglitz and Bruce Greenwald (S&G) entitled Creating a Learning Society. More specifically, it looks at the 700-page scholarly work from the perspective of countries struggling to catch up with the advanced Western countries. In the opinion of the author, S&G use the term “learning” in such a broad sense that it becomes almost meaningless as an explanatory factor and/or an objectively verifiable indicator. Equally important, by using such a value-loaded, entirely positive term like “learning”, S&G create a misleading feeling in the readers: catching-up is easy (win-win). As history has shown, it is not easy. In the paper, the model of a lesser known Hungarian economist, Ferenc Jánossy (1914–1997), is presented as a more convincing explanation of endogenous economic growth.
Cite as (APA):
Mihályi, P. (2019). Is Learning a Wonder Weapon of Endogenous Economic Growth? . Financial and Economic Review, 18(2), 117–139. https://doi.org/10.33893/FER.18.2.117139
Column:
Essay
Journal of Economic Literature (JEL) codes:
E61, E71, F12, I26, I28
Keywords:
Infant industry, learning-by-doing, labour productivity, endogenous growth, Washington consensus
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