Can the Share Economy Conquer Stagflation?

William Nordhaus

The Quarterly Journal of Economics, 1988, vol. 103, issue 1, 201-217

Abstract: This paper analyzes Weitzman's contention that a share economy will significantly improve the unemployment-inflation tradeoff. It is shown that the argument rests on a critical proposition that share contracts lead to labor's being in perpetual excess demand. The basis of this proposition is challenged using a wide variety of models of the labor market. The paper concludes that the microeconomics of share economies differs little from that of wage economies, and that a widespread introduction of share contracts is unlikely to improve macroeconomic performance.

Date: 1988
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