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The economist Paul Romer argues the aggregate production function for the United States would be better written as Y : KGLB, where :1 has a
The economist Paul Romer argues the aggregate production function for the United States would be better written as Y : KGLB, where :1 has a value between 0.7 and 1.0 and [3 has a value between 0.1 and 0.3. (a) In class we discussed the productivity slowdown the US. economy has experienced since the early 19705. Could Romer's production function explain this productivity slowdown? Please clearly explain. (b) Do you think the values for B would be larger or lower in developed countries compared to developing countries? Please explain
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