Distortions in the Factor Market.Models and Realities
This paper confronts the theory of distortions in the factor market with empirical evidence. It is generally concluded that there would not be much to gain in terms of increased production for the economy as a whole from a technically efficient reallocation of labour and capital between industries. However, distortions in the factor market may be of importance in some sectors of the economy which means that imperfections in the factor market should be of concern for economic policy.
Volume (Year): 21 (1982)
Issue (Month): 1 ()
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29, Massachusetts Institute of Technology (MIT), Department of Economics.
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- Dougherty, Christopher & Selowsky, Marcelo, 1973. "Measuring the Effects of the Misallocation of Labour," The Review of Economics and Statistics, MIT Press, vol. 55(3), pages 386-90, August.
- Magee, Stephen P, 1973. "Factor Market Distortions, Production, and Trade: A Survey," Oxford Economic Papers, Oxford University Press, vol. 25(1), pages 1-43, March.
- V. K. Ramaswami & T. N. Srinivasan, 1968. "Optimal Subsidies and Taxes When Some Factors Are Traded," Journal of Political Economy, University of Chicago Press, vol. 76, pages 569.
- Anand, Sudhir & Joshi, Vijay, 1979. "Domestic Distortions, Income Distribution and the Theory of Optimum Subsidy," Economic Journal, Royal Economic Society, vol. 89(354), pages 336-52, June.
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