Bloom, Nicholas; Romer, Paul; Terry, Stephen; Van … - London School of Economics (LSE) - 2014
long-run growth by increasing the profit from innovation. In the short run, factors of production must be reallocated … from a baseline OECD growth rate of 2% we find that trade integration with low-wage countries in the decade around China …’s WTO accession could have increased long-run growth to 2.4%. There is an additional short-run trapped factors effect …