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Published October 16, 2017 | Submitted
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A Dynamic View of the Economy

Abstract

This paper argues that U.S. productivity decline occurred because of some profound changes in the American economy. It is also argued that the same changes help to explain the economy's increasing inflationary bias.

Additional Information

Revised. Originally dated to November 1979. This paper was presented at the Massachusetts Institute of Technology's Technology, Innovation, and Industrial Development Symposium, October 1979, and is forthcoming in Technology Review.

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