Einleitungskapitel (S. 1-64) des Buches "Einführung in die Verteilungstheorie" erschienen im Rowohlt-Verlag Reinbek 1976

This paper develops a theory of stagflation, based on turnover-efficiency-wage theory. In these theories, wages are forward-looking, i.e., set to keep incumbents with the firm. The employed workers apply for better jobs and compete with unemployed applicants. An employed applicant is, however,...