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The economist Paul Romer argues the aggregate production function for the United States would be better written as Y = Kai's, where or has a
The economist Paul Romer argues the aggregate production function for the United States would be better written as Y = Kai's, where or has a value between 0.? and 1.0 and B has a value between 0.1 and [13' [a] In class we discussed the productivity slowdown the US. economy has experienced since the early 197'05. Could Romer's production function explain this productivity slowdown? Please clearly explain. [b] Do you think the values for Bwould be larger or lower in developed countries compared to developing countries? Please explain
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