The text compares two studies on the profitability of slavery: one by Phillips and the other by Conrad and Meyer.The main reason for the difference in their results is

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The main reason for the difference in their results is that Phillips failed to account for the effect of rising marginal product on profitability. Conrad and Meyer's study took into consideration the fact that as slave labor became more productive, the profitability of slavery increased. Phillips, on the other hand, did not account for this factor, which led to lower estimates of slavery's profitability.

The Text Compares Two Studies on the Profitability of Slavery