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Factor Shares, the Price Markup, and the Elasticity of Substitution between Capital and Labor
elasticity of substitution price markup factor shares capital deepening
2012/10/23
In a Walrasian labor market, the labor income share is constant under the assumptions of a Cobb-Douglas production function and perfect competition. Given the observed decline of the labor share in re...
Development of new data sources, better utilization of existing sources, and broader coverage are some of the ways in which BLS improved it productivity measures; progress has been made, but inadequac...