Electronic Resource
Springer
De economist
123 (1975), S. 531-558
ISSN:
1572-9982
Source:
Springer Online Journal Archives 1860-2000
Topics:
Economics
Notes:
Summary This model aims at filling the gap between two trends in theoretical literature on growth, unemployment and inflation, namely, full-employment vintage models and growth models which allow for unemployment and inflation but assume a homogeneous stock of capital. It is argued that in particular in a world in which capital goods are heterogeneous, there is reason to assume that the Phillips curve indeed exists. Two important properties of the model are: a rise in the autonomous wage increase only influences the level of unemployment in a state of steady growth and leaves the rate of inflation and income distribution unaffected; in a state of steady growth inflation results solely from price behaviour of entrepreneurs.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1007/BF02078321
| Library |
Location |
Call Number |
Volume/Issue/Year |
Availability |
