The Romer model focuses on the production of (non-rival) ideas. In class we assumed the production...
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The Romer model focuses on the production of (non-rival) ideas. In class we assumed the production function for ideas to be À = A(1 - 1)L. Explain what would happen to long-run growth if instead the production function for ideas is À = A (1 - 1)L with 0 < 1 and 1, L constant. The Romer model focuses on the production of (non-rival) ideas. In class we assumed the production function for ideas to be À = A(1 - 1)L. Explain what would happen to long-run growth if instead the production function for ideas is À = A (1 - 1)L with 0 < 1 and 1, L constant.
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If the production function for ideas is A A 1 1L then longrun growth will be slower when 1 and faste... View the full answer
Related Book For
Quantitative Analysis for Management
ISBN: 978-0132149112
11th Edition
Authors: Barry render, Ralph m. stair, Michael e. Hanna
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