Abstract
where Y is output, H is the labour input, S is a measure of capital services, 1 P is the price of output (assumed to be the same as capital goods in the one commodity model), π is the wage rate and r is the gross rental price of capital services. The latter is made of the price of capital goods times the gross rate of return ρ. In turn, the gross rate of return is defined from the nominal net rate of return ι, the economic depreciation rate δ and the capital gain component as:
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