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(1)
where y is log output per worker, a is a country specific level of total factor productivity,
and b is a time dummy capturing world-wide changes in total factor productivity while k, h
Our country groups are based on World Bank definitions measured in US Dollar Purchasing Power
Parity terms; Low Incomes (43 of 123 countries) have an upper limit of (1985) $ 1,690 p.c.; Lower Middle
Income (40 countries) range from $1,890 to $4,735 p.c.; Upper Middle Income (16 countries, from
Venezuela to Romania), from $4,904 to $6,764 p.c., and 24 High Income countries (from Saudi Arabia to
Switzerland), from $6,765 to $17,000 p.c.