In this article, we portray the state of technically diverse economies as the outcome of probabilistic equilibria. We provide the steady state distributions of current technologies, unemployment, wages and job durations thus allowing the comparison of situations with identical mean values but a differently distributed probability mass. A queuing closed network is used to establish the connections between advertised, filled and dormant business options, and their implications for the unemployment of differently qualified workers.
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Paper provided by Sydney - Department of Economics in its series Papers with number
98-13.
Find related papers by JEL classification: E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution J20 - Labor and Demographic Economics - - Demand and Supply of Labor - - - General J23 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Demand