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ABSTRACT. Globalization offers a simple and immediate possible explanation for prominent stylized facts regarding the skill premium and the presence of skill-biased technical change. Exogenous capital inflow decreases labour supply and increases welfare only if the elasticity of substitution between leisure and the final good is equal to or less than unity. Very few economic phenomena attract more attention than bull and bear market cycles do.

 

Written by GABRIELA BOBORA
 
 
 

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