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The productivity generated by capital goods is not uniform along the time. When there exist conventional physical … capital goods the productivity obtained is minor that the one generated by quality capital goods. To obtain a correct measure … productivity of the investment goods constructing hedonic prices indices. This school is represented among others by Hulten (1992 …
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In an influential paper Mankiw, Romer, and Weil (1992) argue that the evidence on the international disparity in levels of per capita income and rates of growth is consistent with a standard Solow model, once it has been augmented to include human capital as an accumulable factor. In a study on...
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innovation investments that increase the productivity of capital and labor in the performance of their respective tasks. These …
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In this note we compare the laissez-faire steady-state solution in the Howitt and Aghion (1998) model to the social optimum. The analysis offers several new insights in comparison to the welfare analysis in Aghion and Howitt (1992). We find various new distortions between private and optimal...
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