Moore's Law and Learning by Doing |
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| Institution: | 1. Policy Research Institute, the Ministry of Finance, 3-1-1, Kasumigaseki, Chiyoda-Ku, Tokyo, Japan;2. Faculty of Economics, Hosei University, 4342 Aihara-Cho, Machida City, Tokyo, Japan;3. Department of Economics, Dokkyo University, 1-1, Gakuen-Cho, Soka City, Saitama, Japan;1. Department of Cardiovascular Medicine;2. Department of Advanced Cardiology;3. Department of Prevention of Diabetes and Lifestyle-Related Diseases, Graduate School of Medicine;5. Department of Health Services Research;8. The Department of Clinical Epidemiology and Health Economics, School of Public Health, The University of Tokyo, Tokyo, Japan;4. Department of Rehabilitation Science, Graduate School of Medical Sciences, Kitasato University, Kanagawa, Japan;6. Department of Cardiovascular Medicine, Saga University, Saga, Japan;7. Department of Medicine, Columbia University, New York, New York;1. School of Information, Renmin University of China, Beijing 100872, China;2. School of Information, Beijing Forestry University, Beijing 100083, China;3. School of Mathematics and Statistics, Central China Normal University, Wuhan 430079, China |
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| Abstract: | We model Moore's law as efficiency of computer producers that rises as a by-product of their experience. We find the following: (1) Because computer prices fall much faster than the prices of electricity-driven and diesel-driven capital ever did, growth in the coming decades should be very fast. (2) The obsolescence of firms today occurs faster than before, partly because the physical capital they own becomes obsolete faster. Journal of Economic Literature Classification Number: O3. |
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