Smithian Theory of Business Cycles and Unemployment

Xiaokai Yang and Wai-Man Liu
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Wai-Man Liu: University of New South Wales, Australia

Chapter 23 in Inframarginal Economics, 2008, pp 731-778 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThe following sections are included:Rethinking MacroeconomicsLong-run Regular Efficient Business Cycles, Cyclical Unemployment, Long-run Economic Growth, and Division of Labor in Producing Durable GoodsA Smithian Dynamic Equilibrium Model of Business Cycles and UnemploymentCyclical vs. Non-cyclical Corner EquilibriaRegime specification, configurations and market structuresThe Dynamic corner equilibrium in autarkyMarket structure CMarket structure PWelfare and policy implications of the modelGeneral Price Level, Business Cycles, and Unemployment RateEmergence of Firms and Fiat Money from the Division of LaborMass Unemployment and the Stability of the Network of Division of LaborFurther Reading

Keywords: Inframarginal Economics; Inframarginal Analysis; Division of Labor; Specialization; Network Effects; Smithian Framework; Transaction Costs (search for similar items in EconPapers)
JEL-codes: O30 (search for similar items in EconPapers)
Date: 2008
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