Involuntary Unemployment and the Existence of GDP Functions
We develop a simple general equilibrium model of production where, despite the existence of involuntary unemployment, non-equalized job rents are the only distortion. Hence, a standard GDP function exists. Unemployment results from either efficiency wage setting or wage bargaining. Copyright Blackwell Publishing Ltd 2003.
Year of publication: |
2003
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Authors: | Albert, Max ; J¸rgen Meckl |
Published in: |
Metroeconomica. - Wiley Blackwell, ISSN 0026-1386. - Vol. 54.2003, 1, p. 79-88
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Publisher: |
Wiley Blackwell |
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