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​We study a developing economy in which the representative firm's production function exhibits complementarities between human capital and the available level of technology. The firm invests in the acquisition of new technology, while employees decide how much human capital to acquire. The...
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income but increased the income share from unidentified sources traditionally associated with corruption. These effects of …
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in investment between really decentralized and other firms declines as corruption grows. Empirical research presented in … institutions, such as that of Russia. However, as the role of non-market factors (such as corruption) in firms' prosperity …
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