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Not all capital is identical. Most statistical agencies distinguish between Land (which we'll call T for Terrain) and other fixed assets (mostly Plants and Machinery,
Not all capital is identical. Most statistical agencies distinguish between Land (which we'll call T for Terrain) and other fixed assets (mostly Plants and Machinery, we'll call all of it P). This more nuanced view of the constant returns to scale GDP production function is Y = A(hL)PT1. Derive y No economics in this question, just math
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Macroeconomics Canada in the Global Environment
Authors: Michael Parkin, Robin Bade
8th edition
321778103, 978-0321808370, 321808371, 978-0321778109
