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Lecture 5 10 - • A country has to invest more in order to...

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One-Sector Model (Romer) A simple model in the endogenous growth literature Assume a Cobb-Douglas production function with labor-augmenting technology. But new technology is embodied in the capital stock.
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Unformatted text preview: • A country has to invest more in order to improve the technology (so the state of technology A, does not grow without investment in capital)....
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