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CEP Occasional Paper
The Invisible Hand and the Weightless Economy
Danny Quah
May 1996
Paper No' CEPOP12:
Full Paper (pdf)

As modern economies grow, production and consumption shift towards economic value that reside in bits and bytes, and away from that embedded in atoms and molecules. This paper discusses the implications of such changes for the nature of ongoing growth in advanced economies and for the dynamics of earnings and income distributions - polarization, inequality - across people within societies.