— a cursor to the role played by human capital development, administrative and professional services. Based on findings …

2013. However, the situation is complicated by the continued drop in investment activities. Investments in capital assets …

valuations into income and value due to physical capital and factorless income. Finally, we ask whether expected returns to … investing in capital in our macroeconomic model are consistent with the series for expected returns estimated from our finance …-style valuation model. We find that they are. In this sense, we reconcile volatile market valuations and stable capital output ratios …

tasks performed by labor and capital; raises the prospect of examining growth as the speeding up of machines; and identifies …