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Search Incompleteness of Contracts and Pecuniary Increasing
Unemployment Human Capital Accumulation
3 other sections not shown
accumulation decisions Acemoglu adopted advanced technology assumption average product balanced growth path bargaining changing partners choose competitive allocation Daron Acemoglu decentralized economy decentralized equilibrium denote effects efficient matching entrepreneur equal ex ante investment factors of production growth rate heterogenous agents human and physical human capital accumulation human capital investment impact implies incompleteness of contracts interactions investment decisions labor market Law on Industrial Lemma low technology marginal product matching technology multiple equilibria multiplicity of equilibria negative wage formation node number of vacancies obtain paper Pareto dominated Pareto inefficient Pareto Optimal pecuniary externality pecuniary increasing returns physical capital accumulation previous Section Proof of Proposition property rights QED Proof random matching rate of return result return on physical returns to scale Romer skills social planner subgame T(y supremum switch technological externalities technology choice total output unemployment unique equilibrium wage determination stage wage formation externality wage rate welfare workers and firms workers invest zero