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This paper uses an unbanked industry to study the impact of government certification on financial access and growth. Marijuana is considered illegal by the Federal law resulting in high financial access costs. I exploit a unique experiment by Washington State that significantly lowered such...
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This paper tells the difference between growth and addiction theories. Growth theory has no equilibrium, because it … contains two contradictory objectives. Addiction theory always has equilibrium, for there is no contradiction. Growth … economists should learn from addiction economists, not vice versa …
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