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Human Capital, Hysteresis and Unemployment among Workers with Finite Lives

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  • Price, Simon

Abstract

A simple model of equilibrium unemployment and worker quality is analyzed. Workers accumulate human capital in employment, which depreciates when they are unemployed. For infinitely lived agents, the model is characterized by either continually increasing or decreasing employment and output. For finitely lived individuals, there may be multiple equilibria. As a consequence, demand shocks may have severe implications and the model may provide a rationale for active demand management. Copyright 1992 by Scottish Economic Society.

Suggested Citation

  • Price, Simon, 1992. "Human Capital, Hysteresis and Unemployment among Workers with Finite Lives," Scottish Journal of Political Economy, Scottish Economic Society, vol. 39(2), pages 201-212, May.
    • Handle: RePEc:bla:scotjp:v:39:y:1992:i:2:p:201-12
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    Cited by:

    1. William J. Luther & J. P. McElyea, 2018. "Austrian Macroeconomics in Search of Its Uniqueness," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 33(Summer 20), pages 1-20.

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