Showing 1 - 3 of 3
Persistent link: https://www.econbiz.de/10011982909
Persistent link: https://www.econbiz.de/10013368866
Standard macroeconomic models possess the undesirable feature that people stop working in the long run. Assuming standard parameters, the neoclassical model predicts that 2% of annual productivity growth leads to a 99% decline in the labor supply after 624 years. Yet, this contradicts the fact...
Persistent link: https://www.econbiz.de/10010933281