Munich Personal Repec Archive
Displaying 1-40 of 3605 results
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Trade Integration,Restructuring And Global Imbalances-A Tale Of Two Countries
China is widely seen as one of the sources of global macroeconomic imbalances. Its persistent current account surplus and capital exports to the United States are even cited as one of the causes of th...
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A Non-Linear Coopetitive Game For Global Green Economy
The paper aims at providing a non-linear Game Theory model of coopetition which addresses the problem of the global Green Economy. The Green Economy is a theoretical model of economic development that...
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Trade Collapse, Trade Relapse And Global Production Networks: Supply Chains In The Great Recession (Revised)
The nature of international trade and the very nature of globalization have changed dramatically in recent years, with the emergence of new global players and a radically different competitive landsca...
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The Rise of Emerging Markets' Financial Market Architecture: Constituting New Roles in the Global Financial Governance
This paper analyses the impact of the global financial crisis on Brazil, India and South Africa whose financial markets have shown strong resilience to the global financial turmoil. The paper shows, t...
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Analysis of WIMAX/BWA Licensing in India: A Real Option Approach
Indian Internet and broadband market has experienced very slow growth and limited penetration till now. The introduction of Broadband Wireless Access (BWA) is expected to aid in increasing the penetra...
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Causality Between FDI And Financial Market Development: Evidence From Emerging Markets
This paper studies the causal relationship between Foreign Direct Investment (FDI) and Financial Market Development (FMD) using panel data from emerging markets. Most studies of the relationship betwe...
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Beyond The Global Financial Crisis: Central Banking In A New Global Financial System
Since the outbreak of the global crisis in mid 2007, there has been an extensive discussion on root causes. Some blame the greed and corruption of financial actors. Others put the blame on central ban...
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Industrialization And Technological Progress With Many Countries Under A Non-homothetic Preference
This paper examines industrialization in each country by using a model with a continuum of countries. The model is mainly based on Yanagawa's (1996) model. However, unlike Yanagawa's model, the model ...
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Evaluating Density Forecasts: A Comment
This is a comment on Mitchell and Wallis (2011) which in turn is a critical reaction to Gneiting et al. (2007). The comment discusses the notion of forecast calibration, the advantage of using scoring...
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A Rational Road To Effectiveness Attainment
Operational effectiveness goes beyond efficiency while it incorporates exogenous variables, non-controllable by the service units. Effectiveness is a fundamental driver for the success of an operation...
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Distribution, 'Financialisation' And The Financial And Economic Crisis - Implications For Post-Crisis Economic Policies
The severity of the financial and economic crisis which started in 2007 cannot be understood without examining the medium-to long-run developments in the world economy since the early 1980s. The follo...
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Beginning, Crises, And End Of The Money Economy In Three Consistent Steps
A crisis is but a crisis when the long run outlook is definitively positive. Then a lower turning point must exist. This implicates a vision or, in the ideal case, a formalized theory of the money eco...
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Keynes's Missing Axioms
Between Keynes's verbalized theory and its formal basis persists a lacuna. The conceptual groundwork is too small and not general. The quest for a comprehensive formal basis is guided by the question:...
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What Is Wrong With Heterodox Economics? Kalecki?s Profit Theory As An Example
Kalecki's profit theory has always been popular among heterodox economist as an alternative approach to solve the paradox of monetary profits. In the present paper his formula 'The workers spend what ...
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Schumpeter And The Essence Of Profit
Schumpeter had a clear vision of the developing economy, but he did not formalize it. The quest for a germane formal basis is in the following guided by the general question: what is the minimum set o...
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The 2011 Japanese Earthquake, Tsunami And Nuclear Crisis: Evidence Of Contagion From International Financial Markets
Natural disasters may inflict significant damage upon international financial markets. Using 33 international stock indexes and exchange rates, this paper examines if any contagion occurred across fin...
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Embodied Human Capital Unemployment
Adam Smith (1776) devoted the first three chapters to the division of labor in his Inquiry into the Nature and Causes of the Wealth of Nations. This process, carried far enough, eventually results in ...
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Information Gathering, Innovation And Growth
In this paper the authors study the economic implications of IPR protection on corporate intelligence, R&D investment and economic growth. To accomplish this objective, they introduce trade secret and...
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Role Of Management Control In Small And Medium Enterprises Performance Assurance
The emergence and development of Small and Medium Enterprises has been and continues to be a driving force for the remarkable economic progress, influencing and accelerating economic growth through mo...
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Modelling Profitability Of Indian Banks
This paper identifies the key determinants of profitability of Indian banks. It integrates the macroeconomic environment and industry level variables of India for predicting profitability of Indian ba...
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From Bounties On Exportation To The Natural And Market Price Of Labour: Smith Versus Ricardo
Schumpeter's remarks on Ricardo's reaction to Smith's system of thought ("He studied the Wealth; he was shocked at what seemed to him to be a logical muddle; he set about straightening out this muddle...
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The Returns To Scale Effect In Labour Productivity Growth
Labour productivity is defined as output per unit of labour input. Economists acknowledge that technical progress as well as growth in capital inputs increases labour productivity. However, little att...
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Wealth, Income, Earnings And The Statistical Mechanics Of Flow Systems
This paper looks at empirical data from economics regarding wealth, earnings and income, alongside a flow model for an economy based on the general Lotka-Volterra models of Levy & Solomon. The data an...
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Pricing, Liquidity And The Control Of Dynamic Systems In Finance And Economics
The paper discusses various practical consequences of treating economics and finance as an inherently dynamic and chaotic system. On the theoretical side this looks at the general applicability of the...
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Retirement Withdrawal Rates And Portfolio Success Rates: What Can The Historical Record Teach Us?
Countless current and prospective retirees now rely on portfolio success rates calculated from the historical data for different retirement withdrawal strategies when planning their own retirements. P...
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Small Retailing, Town Centres And Inland Territories: An "Extended Town Centre Management" Perspective
This paper aims to analyze the public policies that can be adopted in order to support small retail firms located in town centers and countryside small towns. The role of small retailing has been reco...
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Capital, Liquidity Standards And Macro Prudential Policy Tools In Financial Supervision: Addressing Sovereign Debt Problems
During the recent Financial Crisis, as well as the 2010 and ongoing European Sovereign Debt Crisis, several governments had/have had to raise their debt levels in order to stabilize their economies. T...
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Geographical Information Systems Technologies For Spatial Visualization Of Statistical Data
This paper proposes an original solution to present statistical data using the facilities provided by the Geographical Information Systems, to improve the means of statistical data figure and distribu...
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Safe Withdrawal Rates From Retirement Savings For Residents Of Emerging Market Countries
Researchers have mostly focused on U.S. historical data to develop the 4 percent withdrawal rate rule. This rule suggests that retirees can safely sustain retirement withdrawals without outliving thei...
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On Variable Discounting In Dynamic Programming: Applications To Resource Extraction And Other Economic Models
The discounted utility with a constant discount rate was introduced by Samuelson (1937). Twenty years later Koopmans (1960) characterized axiomatically a class of recursive utilities, which also inclu...
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Design, Effectiveness And Role Of Visual Merchandising In Creating Customer Appeal
This paper aims to find out how and to what extent outlets incorporate visual merchandising, that appeals to the customers and lead to a potential purchase. The survey method was followed to conduct t...
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On Mission Drift In Microfinance Institutions
This paper sheds light on a poorly understood phenomenon in microfinance which is often referred to as "Mission drift": A tendency reviewed by numerous microfinance institutions to extend larger avera...
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Wage Bargaining And Quality Competition
In a standard model of vertical differentiation, wage is assumed to determine the quality. Wage is also subject to bargaining. Increased bargaining power of the worker in the low quality firm reduces ...
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Economic Crisis And Taxation In Europe
The recent economic crisis and taxation in the advanced countries - especially in the European nations - are linked in several ways. The tax systems may have exacerbated the crisis, and this raises th...
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Patterns In U.S. Urban Growth (1790-2000)
This paper reconsiders the evolution of the growth of American cities since 1790 in the light of new theories of urban growth. The null hypothesis for long-term growth is random growth. The authors ob...
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Heterogeneous Expectations, Taylor Rules And The Merit Of Monetary Policy Inertia
The authors present new results for the performance of Taylor rules in a New Keynesian model with heterogeneous expectations. Agents have either rational or adaptive expectations. They find that depen...
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Commodity ETFs In The Japanese Stock Exchanges
The "Financial Big Bang" reforms during the latter half of the 1990s substantially transformed the Japanese financial system, but despite this, the level of risky assets that Japanese households have ...
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Service Innovation And The Proximity-Concentration Trade-Off Model Of Trade And FDI
This paper introduces service innovation in the proximity-concentration trade-off model of trade and FDI (Helpman, Melitz and Yeaple, 2004). The idea is that innovation will have two main effects on s...
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The Effects Of Terrorist Activities On Foreign Direct Investment: Nonlinear Evidence
In this paper, the authors examine the relationship between Foreign Direct Investment and terrorist incidents that took place in Turkey for the period from 1991:12 to 2003:12. This research contribute...
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Spatial Organization Of Production In India: Contesting Themes And Conflicting Evidence
The emergence of space as a determinant in the functional relations linked to production and growth is a recent development in theories of industrial organization. This paper primarily reviews the con...
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Before And After Financial Liberalization
The impact of changes in real interest rates on saving, investment, and economic growth, is a central issue in macroeconomics. Not surprisingly, the debate on the relative merits of domestic and exter...
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Gender Inequality In Education: Impact On Income, Growth And Development
This Paper explains the causes of the Gender Inequality of education and analyzes how the gender inequality in education impacts the economic growth & development, investment and population growth etc...
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Role Of Banks In Housing Finance
Housing Finance is considered as a safest mode of investment for financial institutions. This avenue of investment provides greater flexibility in making financial agreements and contracts, easily adj...
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Global Bond Portfolios And EMU
The authors examine the bilateral composition of international bond portfolios for the euro area and the individual EMU member countries. They find considerable support for "Euro area bias": EMU membe...
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The Financial System Of The EU 25
The authors present an overview of the financial structure of the enlarged European Union with 25 countries. They start by describing the financial system development in all member states since 1995, ...
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From Cash To Accrual Budgeting And Accounting In The Public Sector: The Dutch Experience
Traditionally, governments used to deploy input-based budgeting systems and cash-based accounting systems. However, these systems do not provide the information that is necessary for a government to o...
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Hire Today, Gone Tomorrow: The Determinants Of Attrition Among Public School Teachers
Increases in the school-age population, maximum class size requirements in various states and the No Child Left Behind Act's mandate of a "Highly qualified teacher" in every classroom collectively wil...
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Reconciling The Chinese Financial Development With Its Economic Growth: A Discursive Essay
China's strong economic performance and its financial development outcomes are extremely difficult to reconcile with the dominant verdict that its financial system is seriously inefficient. Using an e...
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The European Union Budget
The first EU budget was drafted in 1988 under the so-called "Delors Package I." Its budgetary headings and monetary distribution have remained unchanged until 14th July 2004, when the Commission adjus...
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Firm Value And The Mis-Use Of The CAPM For Valuation And Decision Making
This paper shows that a decision maker using the CAPM for valuing firms and making decisions may contradict Modigliani and Miller's Proposition I, if he adopts the widely-accepted disequilibrium NPV. ...
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Theoretical Flaws In The Use Of The CAPM For Investment Decisions
This paper uses counterexamples and simple formalization to show that the standard CAPM-based Net Present Value may not be used for investment valuations. The reason is that the standard CAPM-based ca...
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Redesigning Work Organizations And Technologies: Experiences From European Projects
Currently distributed business process (re) design (resulting in components of business networks) basically relies on technical criteria. And that are the main purposes of most research projects suppo...
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Export And Economic Growth In India: Causal Interpretation
The present paper focuses on the cointegration between Export and Gross Domestic Product and its components at current and constant prices. Time series data for Export and Gross Domestic Product and i...
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Fixed-Income Instrument Pricing
In this paper the authors discuss the fundamentals of pricing of the popular financial instruments. The basic point of the approach is to extend the present value benchmark concept. The present value ...
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Embodiment, Productivity, And The Age Distribution Of Capital
An important theme in modern research on productivity has been that technological progress may be embodied in capital in the sense that traditional measures of TFP growth reflect unmeasured improvemen...
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Corporate Disclosure Determinants: A Cross-Country Investigation
The wave of bankruptcies that have followed one upon the other in recent years as the consequence of financial scandals and the integration among the financial systems of various countries have given ...
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Excess Sensitivity Of Consumption Using Micro Data In The UK
The arguments over the Permanent Income Hypothesis (PIH) and the Rational Expectations extension of it (REPIH), concerning suggestions of excess sensitivity of consumption, have been continued for dec...
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Interaction Between Vertical And Horizontal Tax Competition: Theory And Evidence
The authors develop a model with two provinces, producing two goods: one mobile and the other not. The mobile good is taxed according to the destination principle by the local government; it is also f...
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Development Of An Approach For Analyzing Supply Chain Complexity
Supply chains are faced with a rising complexity of products, structures, and processes. Because of the strong link between a supply chain's complexity and its efficiency the supply chain complexity m...
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Derivation And Estimation Of A Phillips Curve With Sticky Prices And Sticky Information
The author develops a structural model of inflation by combining two different models of price setting behavior: the sticky price model of the New Keynesian literature and the sticky information model...
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An Empirical Investigation Of The Effects Of Concentration On Profitability Among US Banks
This paper analyses the effects of concentration on profitability in the US banking sector from 1994-2005, using bank-level panel data. A new index of concentration is proposed, which reflects the dep...
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Trade Between Euro Zone And Arab Countries: A Panel Study
The authors construct an aggregate data panel to estimate price and income elasticities of the Arab countries imports and exports from and to Euro zone. They study the non-stationarity of the series a...
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Handling Losses In Translog Profit Models
In this paper, the authors compare standard approaches used to handle losses in logarithmic stochastic profit frontier models with a simple novel approach. They discuss discriminatory power, rank stab...
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A Pure-Jump Transaction-Level Price Model Yielding Cointegration, Leverage, And Nonsynchronous Trading Effects
In this paper, the authors propose a transaction-level, pure-jump model for a bivariate price series, in which the intertrade durations are stochastic, and enter into the model in a fully endogenous w...
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Crossing The Lines: The Conditional Relation Between Exchange Rate Exposure And Stock Returns In Emerging And Developed Markets
This paper examines the importance of exchange rate risk in the return generating process for a large sample of non-financial firms from 37 countries. The authors argue that the effect of exchange rat...
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External Debt Sustainability And Domestic Debt In Heavily Indebted Poor Countries
In this paper the authors stress the limits of the current debt sustainability framework used in the IMF-WB HIPC Initiative and the necessity to include domestic public debt into the analysis. The sta...
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Dynamics, Welfare And Migration In Open Economies
In this paper the authors analyze the importance of dynamics in the determination of the distribution of gains from free trade and migration. Given a transition dynamic, free trade might worsen a coun...
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Bank Risks, Risk Preferences And Lending
The recent debate on the impact of capital regulation on bank behaviour shows that risk exposures of banks might influence the amount of loans newly granted to the non-financial sector. The paper exte...
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The Control Of Porting In Two-Sided Markets
A sizable literature has grown up in recent years focusing on two-sided markets in which economies of scale combined with complementarities between a platform and its associated 'Software' or 'Service...
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Higher-Order Volatility
An often overlooked, but nonetheless important purpose of derivatives modelling is to provide practitioners with actionable measures of risk, the "Thinkable quantities" that Emanuel Derman has referre...
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Analysis Of Factors Influencing Czech SMEs After EU Accession
The main goal of this paper is to present current research findings in three fields - business environment as a source of innovations, education needs and dynamics of SMEs units. The conclusion is mad...
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The European And The Greek Business Cycles: Are They Synchronized?
Recent developments in the business cycle empirical literature for the developed economies show that there is an increasing synchronization of the cycles in the sense that cycles are of approximately ...
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Wage Inequality In A Dual Economy And International Mobility Of Factors: Do Factor Intensities Always Matter?
The paper develops a three-sector specific factor model with Harris-Todaro type unemployment to examine the consequences of international factor mobility on the skilled-unskilled wage inequality and u...
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The Setting Of Market Economy In Romania - Statistical Arguments
Concerning the period 1990-2004, one can formulate a hypothesis of economic and national industrial cyclical phenomenon of "Juglar" type, with two visible evolution periods, the former of expansion an...
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Wage Differentials In The Presence Of Unobserved Worker, Firm, And Match Heterogeneity
The authors consider the problem of estimating and decomposing wage differentials in the presence of unobserved worker, firm, and match heterogeneity. Controlling for these unobservables corrects omit...
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Nominations For Sale
Models of nomination politics in the US often find "Gridlock" in equilibrium because of the super-majority requirement in the Senate for the confirmation of presidential nominees. A blocking coalition...
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Vietnam's Trade Liberalisation: Potential Impacts On Child Well-being
Following extensive economic and market reforms and more than a decade of negotiations, Vietnam became the latest country to accede to the World Trade Organization in November 2006. While it is expect...
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Incorporating Spatial Variation In Housing Attribute Prices: A Comparison Of Geographically Weighted Regression And The Spatial Expansion Method
Hedonic house price models typically impose a constant price structure on housing characteristics throughout an entire market area. However, there is increasing evidence that the marginal prices of ma...
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Should Executive Stock Options Be Abandoned?
Recent corporate scandals around the world have led many to single out executive stock options as one of the main culprits. More corporations are abandoning stock options and reverting to restricted s...
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Economic Growth With Energy
This paper works out some of the basic properties of an economy with energy as a factor of production. The economy now consists of streams of energy conversions that direct energy to the production of...
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