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Creating a Learning Society: A New Approach to Growth, Development, and Social Progress (Kenneth J. Arrow Lecture Series) Hardcover – June 24, 2014
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Profound and dazzling. In their new book, Joseph E. Stiglitz and Bruce C. Greenwald study the human wish to learn and our ability to learn and so uncover the processes that relate the institutions we devise and the accompanying processes that drive the production, dissemination, and use of knowledge. The authors' analysis provides the foundations of an understanding of the progress and regress of nations. This is social science at its best.(Partha Dasgupta, University of Cambridge)
An impressive tour de force, from the theory of the firm all the way to long-term development, guided by the focus on knowledge and learning. Indeed, when economic theory takes knowledge on board―with its specific features and modes of accumulation―many of the conventional conclusions break down, from the welfare properties of competitive markets to the virtues of 'comparative advantages' in international exchanges. At the same time, in learning economies, public policies and institutions are shown to play a paramount role. This is an ambitious book with far-reaching policy implications.(Giovanni Dosi, Director, Institute of Economics, Scuola Superiore Sant'Anna)
If one's attention is on the economic long run and the processes involved in economic change, innovation and learning quickly can be seen as occupying the center of the stage. Unfortunately, for the last half century, the bulk of the attention in microeconomic theorizing has been on economic statics, which is blind to these variables. This book is a welcome exception.(Richard R. Nelson, Columbia University)
Joseph E. Stiglitz and Bruce C. Greenwald have contributed a superb new understanding of the dynamic economy as a learning society, one that goes well beyond the usual treatment of education, training, and R&D. This important work continues the quest of Stiglitz and Greenwald for an appreciation of the role of public policy in overcoming market failures, asymmetries, and inefficiencies, and it provides insights on the limits and distortions of laissez-faire assumptions of optimality. This book should be at the very center of the next wave of policy debate.(Robert Kuttner, coeditor, The American Prospect)
[A] sweeping work of macroeconomic theory.(Walter Frick Harvard Business Review)
About the Author
Joseph E. Stiglitz is University Professor at Columbia University and a member and former chair of Columbia University's Committee on Global Thought. He was the winner of the 2001 Nobel Prize for Economics. He served on President Clinton's Council of Economic Advisors, and then joined the World Bank as chief economist and senior vice president. His most recent book is The Price of Inequality: How Today's Divided Society Endangers Our Future.
Bruce C. Greenwald is Robert Heilbrunn Professor of Finance and Asset Management at Columbia Business School. He is director of the Heilbrunn Center for Graham and Dodd Investing. His books include Value Investing: From Graham to Buffett and Beyond and Competition Demystified: A Radically Simplified Approach to Business Strategy Portfolio.
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Top Customer Reviews
So far this is uncontroversial. It is also not very new. Governments already provide free primary and secondary education in most countries, as well as aid to university education, grants and tax credits to companies for research, demonstration projects (DARPA for the Internet), and so on.
But SG argue that most learning happens on-the-job, within firms. (The disti9cntion between individual learning and innovation via R & D is blurred, and the authors switch between the two without warning, even though they are very different.) Furthermore, according to SG, the rate of learning and the size of the spillovers vary by sector of the economy. As well, learning in firms depends on size of firms, increasing as output increases. Accordingly, government intervention should be targeted. to sectors with lots of learning and spillovers. As well, governments should discourage innovation that would have negative effects -- encourage use of "dirty" energy, or reduce demand for labor (automation) or otherwise negative (SG really hate financial innovation).
This of course begs the question: how to pick the "good" sectors" and the "bad" sectors.Read more ›
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The weakest point of this book, which does indeed have much to offer for anyone who cares about the future of academia, commerce, governance, and society, is that is "assumes" integrity on the part of the government, and that industrial policies are somehow going to corrupt deep ethical and intellectual failings across all major forms of organization (academia, civil society, commerce, government, law enforcement, media, military, and non-governmental/non-profit).Read more ›
The reader must know the basics in economics especially growth theory, competition and price theory. You can skip the theory for a better anderstanding. it is more for the advanced economics. It is his best book so far.
Most Recent Customer Reviews
Stiglitz is a big author in the context of the modern research in economics. We see this approach which is correlated to facts about particularly the asymmetric information. Read morePublished 12 months ago by Edoardo Angeloni
$18.35 for the Kindle edition? Yeah, right..........What, is Goldman Sachs publishing it?Published 16 months ago by Athletic Anchovy
We know education is indispensable for progress...but how to achieve it in a macro level? Reading this will entertain your thoughts on the matter, particularly if you are an... Read morePublished 17 months ago by Isabella G
CREATING A LEARNING SOCIETY by J.E. Stiglitz and B.C. Greenwald is a 660 page book on the American economy. There are 22 chapters, with titles such as, Ch. 1. Read morePublished 18 months ago by Tom Brody
Since a few years – having read some of his books - I respect Joseph E. Stiglitz. His new book, „Creating a Learning Society”,written Jointly with Bruce C. Read morePublished 21 months ago by Antal Halmos