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Demographic change belongs to the mega-trends of the 20th and the 21st century. The ongoing aging process in major industrialized countries gives rise to the relative scarcity of raw labor and the relative abundance of physical capital. Standard macroeconomic models suggest that this depresses...
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version. Technically, the paper is based on the very elegant theory about stochastic ordering of (normalized) spacings and …. Proschan (1966, 1975) in the framework of reliability theory. …
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