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This paper tells the difference between growth and addiction theories. Growth theory has no equilibrium, because it … contains two contradictory objectives. Addiction theory always has equilibrium, for there is no contradiction. Growth … economists should learn from addiction economists, not vice versa …
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successive generations of workers increase their labour effort at the expense of leisure. -- Welfare ; Economic growth …
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In the following we propose a growth model for an economy consisting of firms which are heterogeneous in technologies and input demands. We show that the growth rate in this economy depends not only on changes in the aggregate level of capital and labor, but also on changes in the allocation of...
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