The Need for Industrial Policy in LDC's-A Re-Statement of the Infant Industry Argument

Abstract

This paper presents a learning-by-doing model of a small open economy. Learning acquired in production of an industry x enhances productivity of industries x and y. By introducing dynamic production complementarities across industries through the learning curve, this approach presents an important generalization of P.K. Bardhan's 1971 model. Copyright 1987 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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