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Lecture# Labor Income Share

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This lecture covers the analysis of a macroeconomic model with a focus on the labor income share. It discusses the first-order conditions, productivity shocks, and the impact on GDP, hours worked, consumption, investment, and stock prices. The lecture also delves into the implications of a fall in productivity on various economic variables.

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Macroeconomics is a branch of economics that deals with the performance, structure, behavior, and decision-making of an economy as a whole—for example, using interest rates, taxes, and government spending to regulate an economy's growth and stability. This includes regional, national, and global economies. Macroeconomists study topics such as GDP (Gross Domestic Product), unemployment (including unemployment rates), national income, price indices, output, consumption, inflation, saving, investment, energy, international trade, and international finance.

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In economics, a model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical, framework designed to illustrate complex processes. Frequently, economic models posit structural parameters. A model may have various exogenous variables, and those variables may change to create various responses by economic variables.

In the mathematical field of graph theory, the Petersen graph is an undirected graph with 10 vertices and 15 edges. It is a small graph that serves as a useful example and counterexample for many problems in graph theory. The Petersen graph is named after Julius Petersen, who in 1898 constructed it to be the smallest bridgeless cubic graph with no three-edge-coloring. Although the graph is generally credited to Petersen, it had in fact first appeared 12 years earlier, in a paper by .

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