Growth and Level of Aggregates

本文对经济增长和经济总量水平的研究分为三个部分。第一部分主要研究了逆向选择与总就业。调查人员的初步工作表明，在一个区分低素质工人和高素质工人代价高昂的经济中，市场参与将是低效的。该项目基于两个不同的理论研究方向发展了市场参与的一般理论：不完全协调的贸易和生产中的战略互补。这一理论被扩展到允许人们随着时间的推移改进他们的工作，允许公司等组织发挥协调作用，并反映市场中不同的部门位置。这种低效的重要性将被量化，并通过经验来衡量。第二部分提出了学习是成长的引擎的成长理论。信息论被用来推导学习、技术和经济增长之间的关系的性质。第三部分探讨了这样一种观点，即一个拥有良好通用技能的社会将通过更快地学习新技术来更容易地利用这些新技术。熟练劳动力将专注于新技术，这一结果与旧产品周期文献中的论点一致。

There are three parts to this study of economic growth and the level of economic aggregates. The first part focuses on adverse selection and aggregate employment. Preliminary work by the investigator suggests that market participation will be inefficient in an economy in which it is costly to distinguish between low and high quality workers. The project develops a general theory of market participation based on two different strands of theoretical research: imperfectly coordinated trading and strategic complementarities in production. The theory is extended to allow people to improve their jobs over time, to permit organizations such as firms to play a coordinating role, and to reflect different sectoral locations within markets. The importance of this inefficiency will be quantified and measured empirically. The second part develops a growth theory in which learning is the engine of growth. Information theory is used to derive the properties of the relationship between learning, technology and economic growth. The third part explores the idea that a society well-endowed with general skills will more easily take advantage of new technologies by learning them faster. Skilled labor will concentrate on new technologies, a result consistent with arguments in the old-product cycle literature.