Evolution of the Relative Price of Goods and Services in a Neoclassical Model of Capital Accumulation

Evolution of the Relative Price of Goods and Services in a Neoclassical Model of Capital Accumulation
This paper provides an explanation for the secular increase in the price of services relative to that of manufactured goods that relies on capital accumulation rather than on an exogenous total factor productivity growth differential. The key assumptions of the two-sector, intertemporal optimizing model are relatively high capital intensity in... READ MORE...

Publication date: November 2004
ISBN 9781451874686
$15.00

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