Involuntary Unemployment and the Existence of GDP Functions

Max Albert () and J¸rgen Meckl

Metroeconomica, 2003, vol. 54, issue 1, pages 79-88

Abstract: We develop a simple general equilibrium model of production where, despite the existence of involuntary unemployment, non-equalized job rents are the only distortion. Hence, a standard GDP function exists. Unemployment results from either efficiency wage setting or wage bargaining. Copyright Blackwell Publishing Ltd 2003.

Date: 2003

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