Involuntary Unemployment and the Existence of GDP Functions

Max Albert and Jürgen Meckl (juergen.meckl@wirtschaft.uni-giessen.de)

Metroeconomica, 2003, vol. 54, issue 1, 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.

Date: 2003
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