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productivity is both an input of the growth process, influencing macroeconomic dynamics, and a consequence of growth, because …-Keynesian cumulative growth model driven by the dynamic interaction between the demand regime and the productivity regime. The model … specifies the role of labour productivity and unit labour costs in the macroeconomic and technological dynamics. The results …
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This paper proposes a new and unified explanation for the following trends observed over the last 25 years: (1) the increased returns to education, (2) the slow measured growth in TFP in an economy undergoing massive changes in its methods of production, and (3) the poor wage performance,...
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