Comments on job market models
AbstractWe point out that the condition of maximization of the benefit is not Y'(n)=w in general, due to the eventual dependence of the salary w on the employement n. We show that in keynessian models, where the relation between w and n is given, we need to correct the relation between the salary and rent, but in classical models, where we use the benefit to find a demand function, the maximization of the benefit do not permit it. This is a case in wich, regardless the interplay between offer and demand is present, the price and level of interchange of a good (human work) cannot be determined by the intersection of offer and demand functions.
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Bibliographic InfoPaper provided by EconWPA in its series Macroeconomics with number 0207004.
Length: 4 pages
Date of creation: 06 Jul 2002
Date of revision:
Note: Type of Document - LaTeX; prepared on IBM PC; to print on PostScript (first compile with LaTeX); pages: 4 ; figures: None. Here we show that the simplest classical model for the job market is mathematically wrong.
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inconsistency of the classical model; general macroeconomy;
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- E00 - Macroeconomics and Monetary Economics - - General - - - General
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