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total factor productivity and by the capital stock per capita. These variables suffice to calculate welfare changes within a … the degree of market competition. It applies to open economies as well, if total factor productivity is constructed using … productivity be constructed with prices and quantities as perceived by consumers, not firms. Thus, factor shares need to be …
Persistent link: https://www.econbiz.de/10010541274
values of the standard Solow productivity residual. The equivalence holds if the representative household maximizes utility …
Persistent link: https://www.econbiz.de/10008514853