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An analytical framework is developed to study the repercussions between endogenous capital- and labor-saving technical … individuals. In this framework aging increases the relative scarcity of labor with respect to capital. Therefore, there will be … more labor- and less capital-saving technical change. Unless there are contemporaneous knowledge spillovers across …
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particular, capital-skill complementarity represents a source of relative skill-bias while SETI provides an absolute skill …
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