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presence of large multinational enterprises (MNEs) is likely to have distorted Irish GDP -- a measure previously considered to … isolating the variation in GDP growth attributable solely to domestic activity growth to infer the prevailing state of the Irish … economy. Our findings imply a 21% lower level of GDP relative to the official measure recorded for 2020. We suggest that our …
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This article discusses the aggregation problem and its implications for ecological economics. The aggregation problem consists of a simple dilemma: when adding heterogeneous phenomena together, the observer must choose the unit of analysis. The dilemma is that this choice affects the resulting...
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This paper takes a step towards formalizing the theoretical interconnections among four post-Industrial Revolution phenomena - the industrialization and growth take-off of rich 'northern' nations, massive global income divergence, and rapid trade expansion. Specifically, we present a stages-of...
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appropriate calibration macroeconomic properties emerge such as endogenous business cycles, and nominal GDP growth, while …
Persistent link: https://www.econbiz.de/10014355228
Using 1708-1788 historical data, we test the Austrian hypothesis that fractional-reserve banking destabilizes commodity prices, complicating economic calculation and entrepreneurial planning, and contributes to boom-bust cycles. The Bank of Amsterdam (Wisselbank, 1609-1819) maintained high...
Persistent link: https://www.econbiz.de/10012855563