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How can these sky-high growth rates be reconciled with the decline of labor and capital factor inputs that Krugman predicted almost twenty years ago? Krulak, commandant of the Marine Corps, wrote in reference to Okinawa that

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Aron had no use for formalities. Academics like Poteshman take large sets of data and establish the normal behavior of stocks, called the baseline. If anyone at JP Morgan understood the risks in the market as well as Dimon, it was Zubrow.

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