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This essay reports (without attempting an exhaustive survey of the literature) on a body of formal research rooted in the models with which these authors were concerned : the model of bargaining, the model of coalitional opportunities, and the model of distribution of unproduced resources; and...
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More than thirty years ago Milton Friedman proposed a 'plucking' model of business fluctuations in which output cannot exceed a ceiling level, but will, from time to time, be plucked downward by recession. The model implied that business fluctuations are asymmetric, that recessions have only a...
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