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Persistent link: https://www.econbiz.de/10010493651
Standard macroeconomic models possess the undesirable feature that people stop working in the long run. Assuming standard parameters, the neoclassical model predicts that 2% of annual productivity growth leads to a 99% decline in the labor supply after 624 years. Yet, this contradicts the fact...
Persistent link: https://www.econbiz.de/10010933281