THE DEMAND AND SUPPLY FUNCTIONS FOR LABOR.
The shape of the demand curve for labor as a whole is not a truly fundamental postulate, subject directly to statistical investigation, since in both Keynesian and classical systems it is derived from the presumed shape of production functions. The logic of the Keynesian system provides that wage ra...
| Publicado en: | American Economic Review Vol. 38; no. 2; pp. 340 - 351 |
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| Formato: | Artículo |
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American Economic Association
May48
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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=8712810&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 8712810 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00028282 AER jtl: American Economic Review issn: 00028282 maglogo: N pubinfo: dt: May48 vid: 38 iid: 2 pid: 22 pub: American Economic Association artinfo: ui: 8712810 ppf: 340 ppct: 11 formats: tig: atl: THE DEMAND AND SUPPLY FUNCTIONS FOR LABOR. aug: au: Dunlop, Joan T. su: Keynesian economics Mathematical functions Rate of return Labor demand Income Labor supply Klein, Lawrence R. (Lawrence Robert), 1920-2013 Labor market Financial performance Operating budgets sug: subj: Keynesian economics Mathematical functions Rate of return Labor demand Income Labor supply Klein, Lawrence R. (Lawrence Robert), 1920-2013 Labor market Financial performance Operating budgets ab: The shape of the demand curve for labor as a whole is not a truly fundamental postulate, subject directly to statistical investigation, since in both Keynesian and classical systems it is derived from the presumed shape of production functions. The logic of the Keynesian system provides that wage rates "largely govern" marginal prime costs and that with a given degree of monopoly, prices are determined by their marginal prime costs. Moreover, money wage rates are an increasing function of output. An expansion in output in the system hence raises money wage rates, but prices must increase even further with movement along a given production function. The real rate of return to labor must fall. This result is thus derived from a submodel for the short period which presumes a fixed degree of competition, marginal prime costs are labor costs, the money wage is an increasing function of output, and technology is fixed with production functions of customary shape. The view that output and employment do expand in the short run, in the total system, only with a decline in the real (product) wage rate, which is at once classical and Keynesian, will be confronted with three sets of empirical data: profit margins, labor's share in income, and break-even studies. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y dt: @attributes: year: 1948 holdings: @attributes: islocal: N |
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