MWE:
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\documentclass[12pt]{article}
\begin{document}
\[ h(r)=\left[\frac{\widetilde{S}(r)\overbrace{h(r)}^{\gamma/ \beta}}{L_{t} (r)}+\frac{(\alpha K)^{\gamma}}{L_{t} (r)(\rho_{t}+\delta+\delta g-g)} \right]^{\frac{\beta}{\beta+\gamma}} \]
\end{document}