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Industrial policy, learning, and development

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  • Joseph E. Stiglitz

Abstract

Industrial policies have played an important role in successful development. Through these policies, governments intervene in the market's sectoral allocation of resources and choice of technologies. Earlier industrial policies had a narrow remit and made use of a limited number of instruments. This paper argues that they should pursue broader objectives with a wider range of instruments.

Suggested Citation

  • Joseph E. Stiglitz, 2015. "Industrial policy, learning, and development," WIDER Working Paper Series wp-2015-149, World Institute for Development Economic Research (UNU-WIDER).
    • Handle: RePEc:unu:wpaper:wp-2015-149
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    File URL: https://www.wider.unu.edu/sites/default/files/Publications/Working-paper/PDF/wp2015-149.pdf
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    References listed on IDEAS

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    1. Andrew G. Berg & Jonathan D. Ostry, 2017. "Inequality and Unsustainable Growth: Two Sides of the Same Coin?," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 65(4), pages 792-815, November.
    2. Bruce Greenwald & Joseph E. Stiglitz, 2006. "Helping Infant Economies Grow: Foundations of Trade Policies for Developing Countries," American Economic Review, American Economic Association, vol. 96(2), pages 141-146, May.
    3. Hoff, Karla, 1997. "Bayesian learning in an infant industry model," Journal of International Economics, Elsevier, vol. 43(3-4), pages 409-436, November.
    4. Jorge M. Katz (ed.), 1987. "Technology Generation in Latin American Manufacturing Industries," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-07210-1.
    5. Monga, Celestin & Lin, Justin Yifu (ed.), 2015. "The Oxford Handbook of Africa and Economics: Volume 2: Policies and Practices," OUP Catalogue, Oxford University Press, number 9780199687107.
    6. Justin Yifu Lin, 2012. "New Structural Economics : A Framework for Rethinking Development and Policy," World Bank Publications - Books, The World Bank Group, number 2232.
    7. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    8. Bruce C. Greenwald & Joseph E. Stiglitz, 1986. "Externalities in Economies with Imperfect Information and Incomplete Markets," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 101(2), pages 229-264.
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    Cited by:

    1. Witness Simbanegavi, 2019. "The industrial policy debate State of affairs August 2019," Occasional Bulletin of Economic Notes 9482, South African Reserve Bank.
    2. Zhao, Lyuhang & Ruan, Jianqing & Shi, Xinjie, 2021. "Local industrial policies and development of agricultural clusters: a case study based on a tea cluster in China," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association, vol. 24(2), February.

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