An economy has a CobbDouglas production function: Y : KG(LE)1-Cl. The economy has a capital share of 1/3, a saving rate of 24 percent, a
An economy has a CobbDouglas production function: Y : KG(LE)1-Cl. The economy has a capital share of 1/3, a saving rate of 24 percent, a depreciation rate of 3 percent, a rate of population growth of 2 percent, and a rate of laboraugmenting technological change of 1 percent. In steady state, output per effective worker is
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