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neoclassical theory, in 1956 Robert Solow constructed a simple, clean, and smooth-functioning "design" model that served many … measurement it was applied to time series data. As a prototype it was supposed to feed into larger-scale econometric models that …
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Cross-sector labor reallocation is associated with costs at the micro level ranging from the costs of geographical relocation and skill change/adaptation to unemployment. We show that monotonous reallocation paths minimize the aggregate reallocation costs in the three-sector framework (relating...
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