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Textbook growth models typically fail to account for the absence of global convergence in income per capita, for the growth effects of the investment rate, and for the existence of large swings in the labor share over th...
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The relative price of capital (or equipment) goods with respect to consumption goods is strongly, negatively correlated with income per capita in cross-sections of countries. This stylized fact suggests that economic gro...
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We contribute to the literature on optimal growth in two-sector models by solving a Ram- sey problem with a concave utility function. The unique possible steady-state is independent of initial conditions and of the insta...