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When types of workers are imperfect substitutes, the Mincerian rate to return to human capital is negatively related to the supply of human capital. We work out a simple model for the joint evolution of output and wage dispersion. We estimate this model using cross-country panel data on GDP and...
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This paper explores the implications of Unified Growth Theory for the origins of existing differences in income per … capita across countries. The theory sheds light on three fundamental layers of comparative development. It identifies the …
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