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capital and labor are gross complements or substitutes. Establishing the magnitude of `sigma` is vital, not only for … that there has been capital deepening. This paper presents evidence that refutes these claims. It shows that despite a rise … in measured capital-labor ratios, labor-augmenting technical change in the US has been sufficiently rapid that effective …
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with labour- and capital-augmenting technical progress. The model is augmented by imperfect competition in the output …-economy' hypothesis. Capital-augmenting technical trend has exploded during the same period, which provides a possible explanation for the …
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