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＜departmental bulletin paper＞
Stagnation and Technological Progress
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| Abstract | I present a simple model to illustrate the mechanism that technological progress might cause apparent stagnation, while it obviously improves economic welfare. TFP growth in the manufacturing sector i...nduces employment and output to shift to the service sector if the elasticity of substitution in preference is small. Then GDP stagnates while welfare increases.show more |
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| Created Date | 2022.04.27 |
| Modified Date | 2023.08.18 |