A general equilibrium model of individual specialization is presented in which agents trade off the productivity and price implications of producing a narrower range of goods. Agents with highly specific skills turn out to benefit most from large markets. The model is able to replicate features of the long-term evolution...
When doing growth accounting, should we use ex post or ex ante measures of user costs to calculate the contribution of capital? The answer, based on a simple model of temporary equilibrium, is that ex post is better in theory. In practice researchers usually calculate ex post user costs by...
A formidable array of historical growth accounting studies has been conducted and the conventional methodology is firmly established as a valuable diagnostic tool. A number of important lessons have become apparent but new research issues have also emerged. Two main messages should be heeded. First, the estimate of TFP (Total...
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