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Adaptive Economizing, Technological Change, and the Demand for Labor in Disequilibrium

Author

Listed:
  • Day, Richard H.

    (Research Institute of Industrial Economics (IFN))

  • Hanson, Kenneth A.

    (Research Institute of Industrial Economics (IFN))

Abstract

An adaptive economizing framework is proposed for analyzing labor market aspects of long-term industrial development using a dynamic, disaggregate economic model based upon principles of bounded rationality and markets in disequilibrium. The approach is applied to a firm's investment-production planning problem to illustrate how labor demand is related to capital investment and technological change.

Suggested Citation

  • Day, Richard H. & Hanson, Kenneth A., 1985. "Adaptive Economizing, Technological Change, and the Demand for Labor in Disequilibrium," Working Paper Series 144, Research Institute of Industrial Economics.
  • Handle: RePEc:hhs:iuiwop:0144
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    References listed on IDEAS

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    1. Malinvaud, Edmond, 1982. "Wages and Unemployment," Economic Journal, Royal Economic Society, vol. 92(365), pages 1-12, March.
    2. J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, Oxford University Press, vol. 51(2), pages 209-223.
    3. Clower, Robert & Leijonhufvud, Axel, 1975. "The Coordination of Economic Activities: A Keynesian Perspective," American Economic Review, American Economic Association, vol. 65(2), pages 182-188, May.
    4. Hicks, John, 1977. "Economic Perspectives: Further Essays on Money and Growth," OUP Catalogue, Oxford University Press, number 9780198284079.
    5. Day, Richard H., 1984. "Disequilibrium economic dynamics : A post-Schumpeterian contribution," Journal of Economic Behavior & Organization, Elsevier, vol. 5(1), pages 57-76, March.
    6. Williamson, Oliver E, 1981. "The Modern Corporation: Origins, Evolution, Attributes," Journal of Economic Literature, American Economic Association, vol. 19(4), pages 1537-1568, December.
    7. Kaldor, Nicholas [Lord], 1976. "Inflation and Recession in the World Economy," Economic Journal, Royal Economic Society, vol. 86(344), pages 703-714, December.
    8. Simon, Herbert A., 1984. "On the behavioral and rational foundations of economic dynamics," Journal of Economic Behavior & Organization, Elsevier, vol. 5(1), pages 35-55, March.
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    More about this item

    Keywords

    Adaptive framework; labour market; industrial development; disequilibrium; investment-production planning;

    JEL classification:

    • J20 - Labor and Demographic Economics - - Demand and Supply of Labor - - - General
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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