The Full Employment Path

John Hicks

in Capital and Time

Published in print October 1987 | ISBN: 9780198772866
Published online November 2003 | e-ISBN: 9780191596414 | DOI:
 The Full Employment Path

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This chapter analyzes the full employment path. It begins from a steady state under an old technique, and supposes that at time 0 a new and more profitable technique is introduced. It keeps all the Standard assumptions. Each technique has a Simple Profile; the durations of the constructional period and of the utilizational period are the same in the two techniques. But whereas in the last chapter the wage was fixed and employment variable, in this chapter the wage may be variable but employment is constrained to move as it did in the old steady state. There is full employment of a labour supply which increases at this given growth rate.

Keywords: full employment; constructional period; utilizational period; labour supply; growth

Chapter.  3996 words.  Illustrated.

Subjects: Macroeconomics and Monetary Economics

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