Effective Demand and Unemployment
The coordination of production and consumption decisions is analysed in a static model where the interdependence between production, income and demand is explicitly modelled. With imperfect competition and non-convex production technologies it is shown that there exists a zero pure profit equilibrium with a positive level of employment and possible involuntary employment. Finally it is shown how to arrange a form of external intervention so as to ensure full employment.
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|Date of creation:||1987|
|Date of revision:|
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Web page: http://www2.warwick.ac.uk/fac/soc/economics/
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