Dynamic Equilibria with Unemployment Due to Undernourishment

Debraj Ray and Peter Streufert

Economic Theory, 1993, vol. 3, issue 1, 85 pages

Abstract: We provide characterization and stability results for the stationary equilibria of a competitive infinite-horizon model that incorporates the nutritional requirements of physical labor. We find that for many aggregate land stocks, there is a large continuum of stationary equilibrium unemployment rates. Since unemployment can be seen to stem from inequality in the initial distribution of land ownership, we suggest that certain land reforms can reduce unemployment.

Date: 1993
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