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The Omega Society: A Dynamic Model

In: Growth, Employment, Inequality, and the Environment

Author

Listed:
  • Adolfo Figueroa

Abstract

Omega is an overpopulated and socially homogenous capitalist society. As shown in chapter 5 (volume 1), the marginal productivity of the total labor supply is near zero. Thus, the Walrasian real wage rate would be near zero, which is socially unviable. The labor market cannot operate as Walrasian and thus it will be non-Walrasian. The economic structure of the omega model includes a capitalist sector together with a subsistence sector. Part of the labor force is employed in the capitalist sector and receive wages; the rest, the excess labor supply, is unemployed or self-employed in the subsistence sector.

Suggested Citation

  • Adolfo Figueroa, 2015. "The Omega Society: A Dynamic Model," Palgrave Macmillan Books, in: Growth, Employment, Inequality, and the Environment, chapter 0, pages 43-55, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-50697-9_4
    DOI: 10.1057/9781137506979_4
    as

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