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A Romer economy starts off with an initial stock of ideas equal to 100. The growth rate of ideas is 5% and the share of
A Romer economy starts off with an initial stock of ideas equal to 100. The growth rate of ideas is 5% and the share of the population engaged in research is 5%. What is the growth rate of output per capita? Round to the nearest decimal. Hint: look at slide 23. Also, remember that to calculate growth of a variable, you will need two observations of that variable.
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