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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/3111| Title: | Unemployment invariance |
| Keywords: | J38 J30 J23 J21 J68 J64 ddc:330 Unemployment , employment , wage determination , labor supply , capital accumulation , productivity , technological change , economic growth Natürliche Arbeitslosigkeit Arbeitsmarkttheorie Investition Technischer Fortschritt Wachstumstheorie Neue Wachstumstheorie Theorie |
| Issue Date: | 16-Oct-2013 |
| Publisher: | Department of Economics, Queen Mary College London |
| Description: | This paper provides a critique of the "unemployment invariance hypothesis", according to which the behavior of the labor market ensures that the long-run unemployment rate is independent of the size of the capital stock, productivity and the labor force. Using Solow growth and endogenous growth models, we show that the labor market alone need not contain all the equilibrating mechanisms to ensure unemployment invariance; in particular, other markets may perform part of the equilibrium process as well. By implication, policies that raise the growth path of capital or increase the effective working-age population may influence the long-run unemployment rate. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/3111 |
| Other Identifiers: | http://hdl.handle.net/10419/3111 ppn:377025917 |
| Appears in Collections: | EconStor |
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