Explain the Learning-by-Doing model of Kenneth Arrow.

The Learning-by-Doing (LBD) model, developed by economist Kenneth Arrow, is an influential concept within the framework of development economics. Arrow’s model emphasizes the idea that economic agents, particularly firms and workers, acquire knowledge and efficiency through experience rather than solely relying on formal education or external training. This concept has significant implications for understanding economic growth, technological progress, and productivity improvements within an economy.

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