Template-Type: ReDIF-Article 1.0

Author-Name: Péter Mihályi
Author-Workplace-Name: Corvinus University of Budapest, Central European University
Author-Email: peter@mihalyi.com
Author-Person: pmi468

Title: Is Learning a Wonder Weapon of Endogenous Economic Growth?

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.

Classification-JEL: E61, E71, F12, I26, I28
Keywords: Infant industry, learning-by-doing, labour productivity, endogenous growth, Washington consensus
Pages: 117-139
Volume: 18
Issue: 2
Year: 2019
File-URL: http://english.hitelintezetiszemle.hu/letoltes/fer-18-2-e1-mihalyi.pdf
File-Format: Application/pdf
Handle: RePEc:mnb:finrev:v:18:y:2019:i:2:p:117-139