Lars Haagen Pedersen (Institute of Economics, University of Copenhagen) Peter Stephensen (Institute of Economics, University of Copenhagen)
Abstract
The behavior of a monopoly union in a model with optimizing agents and growing endogenous capital stock is analyzed. It is shown that the stationary state of the economy is the walrasian stationary state. Thus any unemployment is temporary. Further it is shown that unemployment may prevail initially depending on the distribution of non human wealth in the economy. If the stock of non human wealth in the economy. If the stock of non human wealth held by union members is sufficiently low, then there exists productin functions with elasticity of substitution between capital and labor less than one, for which the path which maximizes utility of union members exhibits unemployment.
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Publisher Info
Paper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number
91-06.
Length: 32 pages Date of creation: Mar 1991 Date of revision: Handle: RePEc:kud:kuiedp:9106
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