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knowledge sector is bounded, as productivity increases, the economy moves from a ‘Solovian zone’ where wages increase with … their bliss point can only be made better off by an increase in diversity. If wages are set by monopoly unions rather than … always reduces employment in the material goods sector. International trade may reduce wages in poor countries and increase …
Persistent link: https://www.econbiz.de/10005124380
This paper argues that a number of ``unorthodox" analyses of capitalism can be understood from the point of view of orthodox economic theory. Our argument is based on the assumptions of monopolistic competition and that utility derived from consuming an individual good is bounded. The model's...
Persistent link: https://www.econbiz.de/10005579262
knowledge sector is bounded, as productivity increases, the economy moves from a "Solovian zone" where wages increase with … bliss point can only be made better-off by an increase in diversity. If wages are set by monopoly unions rather than set … employment in the material goods sector. International trade may reduce wages in poor countries and increase them in rich …
Persistent link: https://www.econbiz.de/10005762377
Persistent link: https://www.econbiz.de/10004181302