Econometrica: Mar, 1993, Volume 61, Issue 2

Making a Miracle

https://doi.org/0012-9682(199303)61:2<251:MAM>2.0.CO;2-M
p. 251-272

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.