Equilibrium Possibilities and Adjustment Mechanisms Under Disequilibrium Conditions
Disequilibrium analysis typically assumes that exchange takes place at false prices. Many ways have been devised to integrate markets in disequilibrium. One of these is the assumption that supply of and demand for labour are determined by the real wage. This paper questions this assumption and suggests an alternative approach under which functioning of the labour markets is conditioned by the situation in the commodity markets. The distinguishing feature of this approach is that it rules out the possibility of excess supply quasi equilibrium.
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Volume (Year): 29 (1994)
Issue (Month): 2 (July)
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