=+ 5. Figure 3-5 shows that in U.S. data, labors share of total income is approximately a

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=+ 5. Figure 3-5 shows that in U.S. data, labor’s share of total income is approximately a constant over time. Table 3-1 shows that the trend in the real wage closely tracks the trend in labor productivity. How are these facts related? Could the fi rst

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Macroeconomics

ISBN: 9781429240024

8th Edition

Authors: N Gregory Mankiw

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