From Craft to Mass Production

Edward Nell
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Edward Nell: New School

Chapter Chapter 6 in Henry George and How Growth in Real Estate Contributes to Inequality and Financial Instability, 2019, pp 71-83 from Palgrave Macmillan

Abstract: Abstract But this system is hard on firms; prices fluctuate with demand, so profits do too. Innovations will make it possible to adjust labor costs more easily, laying off workers when demand drops off, rehiring them when it recovers. In effect this means that the curvature of the production functions is being flattened into a straight line. This leads to a different pattern of market adjustment, replacing the partly stabilizing price mechanism with the destabilizing multiplier.

Keywords: Layoffs; Multiplier; Keynesian adjustment (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:pal:psochp:978-3-030-18663-0_6

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DOI: 10.1007/978-3-030-18663-0_6

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