INTERRELATED DEMAND FOR CAPITAL AND LABOR IN A GLOBALLY OPTIMAL FLEXIBLE ACCELERATOR MODEL.
This is a study of interrelated demand for capital and labor. In a purely static model capital and labor demand functions will usually contain common production function parameters and prices and thus may be viewed as a system of interrelated equations. There are two additional reasons why the inter...
| Publicado en: | Review of Economics & Statistics Vol. 60; no. 1; pp. 25 - 41 |
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| Formato: | Artículo |
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MIT Press
Feb78
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=hlh&AN=4650974&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 4650974 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00346535 RMS jtl: Review of Economics & Statistics issn: 00346535 maglogo: N pubinfo: dt: Feb78 vid: 60 iid: 1 pid: 776 pub: MIT Press artinfo: ui: 4650974 10.2307/1924329 ppf: 25 ppct: 16 formats: tig: atl: INTERRELATED DEMAND FOR CAPITAL AND LABOR IN A GLOBALLY OPTIMAL FLEXIBLE ACCELERATOR MODEL. aug: au: Faurot, David J. affil: University of Kansas. su: Economic demand Capital Labor Economic equilibrium Production functions (Economic theory) Cost Economics Demand function sug: subj: Economic demand Capital Labor Economic equilibrium Production functions (Economic theory) Cost Economics Demand function ab: This is a study of interrelated demand for capital and labor. In a purely static model capital and labor demand functions will usually contain common production function parameters and prices and thus may be viewed as a system of interrelated equations. There are two additional reasons why the interrelated characteristic may be important in a dynamic disequilibrium model. First, if one input is less than a desired or long-run equilibrium value, demand for other inputs may be dependent on the shortage of the first input. Second, the actual process of adjustment may influence demand for other inputs via costs of adjustment. In this article the authors develop and estimate parameters of labor and capital demand functions where both the deviation of capital from a target value and costs of adjustment influence labor demand. There are basically two approaches to obtaining the flexible accelerator relationship in previous empirical studies. The adjustment mechanism may be assumed to represent or approximate optimal short-run behavior where a basically static model yields only long-run solutions for the inputs. The model assumes inputs are chosen to minimize the cost of producing an exogenous output requirement over an infinite planning horizon. A flexible accelerator adjustment mechanism that incorporates technical progress and expected output growth is assumed to be globally optimal for capital investment. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y dt: @attributes: year: 1978 holdings: @attributes: islocal: N |
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