Globalization, Divergence and Stagnation

use (7) to substitute for Wn■ Rearrange it to get:

Φn (i) LnAn (i)^σ
_ ^r fθ ^an ^(j Γ ^dj

^{use a}n^(j) = ^an ⁽ⁱ⁾ [⅛⅛J] ^/(   σ

[0,1], use (3) and rearrange:

Finally, use (22) to substitute for fj ^t Φs (i)^σ^^{1 σ}^ di^ The Euler equation g = r — ρ
then yields equation (23) in the text

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