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Distortions in the Factor Market.Models and Realities

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  • GUNNAR FLIoYSTAD

    (Business Administration, Bergen (Norway).)

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    Abstract

    This paper confronts the theory of distortions in the factor market with empirical evidence. It is generally concluded that there would not be much to gain in terms of increased production for the economy as a whole from a technically efficient reallocation of labour and capital between industries. However, distortions in the factor market may be of importance in some sectors of the economy which means that imperfections in the factor market should be of concern for economic policy.

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    File URL: http://www.pide.org.pk/pdf/PDR/1982/Volume1/19-48.pdf
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    Bibliographic Info

    Article provided by Pakistan Institute of Development Economics in its journal The Pakistan Development Review.

    Volume (Year): 21 (1982)
    Issue (Month): 1 ()
    Pages: 19-48

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    Handle: RePEc:pid:journl:v:21:y:1982:i:1:p:19-48

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    1. Albert Fishlow & Paul A. David, 1961. "Optimal Resource Allocation in an Imperfect Market Setting," Journal of Political Economy, University of Chicago Press, vol. 69, pages 529.
    2. Magee, Stephen P, 1973. "Factor Market Distortions, Production, and Trade: A Survey," Oxford Economic Papers, Oxford University Press, vol. 25(1), pages 1-43, March.
    3. V. K. Ramaswami & T. N. Srinivasan, 1968. "Optimal Subsidies and Taxes When Some Factors Are Traded," Journal of Political Economy, University of Chicago Press, vol. 76, pages 569.
    4. Herberg, Horst & Kemp, Murray C & Magee, Stephen P, 1971. "Factor Market Distortions, the Reversal of Relative Factor Intensities, and the Relation Between Product Prices and Equilibrium Outputs," The Economic Record, The Economic Society of Australia, vol. 47(120), pages 518-30, December.
    5. Dougherty, Christopher & Selowsky, Marcelo, 1973. "Measuring the Effects of the Misallocation of Labour," The Review of Economics and Statistics, MIT Press, vol. 55(3), pages 386-90, August.
    6. J. N. Bhagwati & V. K. Ramaswami & T. N. Srinivasan, 1968. "Domestic Distortions, Tariffs and the Theory of Optimum Subsidy: Some Further Results," Working papers 29, Massachusetts Institute of Technology (MIT), Department of Economics.
    7. Syed Nawab Haider Naqvi, 1967. "Protection and Economic Development," PIDE-Working Papers 1967:061, Pakistan Institute of Development Economics.
    8. Anand, Sudhir & Joshi, Vijay, 1979. "Domestic Distortions, Income Distribution and the Theory of Optimum Subsidy," Economic Journal, Royal Economic Society, vol. 89(354), pages 336-52, June.
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