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.

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Year of publication:	2003
Authors:	Albert, Max ; J¸rgen Meckl
Published in:	Metroeconomica. - Wiley Blackwell, ISSN 0026-1386. - Vol. 54.2003, 1, p. 79-88
Publisher:	Wiley Blackwell

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Extent:	text/html
Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005294720