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  • Critically, empirical work over decades has shown that this innovation component is by far the most important factor in long-term economic growth, particularly in developed economies such as the United States (see, e.g., [Solow (1956)], [Solow (1957)], [Denison (1962)], and [Barro and Sala-i-Martin (1995)]), and thus the most important factor in determining the long-term change in economic well-be
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