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On Labour Demand And Equilibria Of The Firm

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  • ROBERT L. VIENNEAU

Abstract

This note considers a linear programming formulation of the problem of the firm. A neoclassical non‐increasing labour demand function is derived from the solution of the linear program. Only a set of measure zero on this function, one or two points in the examples examined, provides equilibria of the representative firm. Equilibria of the representative firm are characterized by decisions of its managers that allow the same decisions to be made in successive periods. Hence, one can explain the quantity of labour that firms desire to hire either by a traditional neoclassical labour demand function or by equilibria of the firm, but generally not both.

Suggested Citation

  • Robert L. Vienneau, 2005. "On Labour Demand And Equilibria Of The Firm," Manchester School, University of Manchester, vol. 73(5), pages 612-619, September.
    • Handle: RePEc:bla:manchs:v:73:y:2005:i:5:p:612-619
    DOI: 10.1111/j.1467-9957.2005.00467.x
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    References listed on IDEAS

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    1. Steedman, Ian, 1988. "Sraffian Interdependence and Partial Equilibrium Analysis," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 12(1), pages 85-95, March.
    2. Avi J. Cohen, 2003. "Retrospectives: Whatever Happened to the Cambridge Capital Theory Controversies?," Journal of Economic Perspectives, American Economic Association, vol. 17(1), pages 199-214, Winter.
    3. Paul Davidson, 1994. "Post Keynesian Macroeconomic Theory," Books, Edward Elgar Publishing, number 124.
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    Cited by:

    1. Vienneau, Robert L., 2019. "Structural economic dynamics, markups, real Wicksell effects, and the reverse substitution of labor," Structural Change and Economic Dynamics, Elsevier, vol. 50(C), pages 216-226.

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