One rationale for the infant industry argument is that, by protecting domestic firms from foreign competition, this increases rents and investment in innovation and other growth enhancing measures. Using data on 4,750 firms across 13 developing countries, we examine whether protection via...

This extended book review of Creating a Learning Society by Joseph Stiglitz and Bruce Greenwald (2014) looks at the 700-page long scholarly work from a transition economy perspective. Using as a starting point Arrow's renowned concept of "learning by doing", the authors throw away the doctrines...