Working Paper Series
Richard H. Day and Kenneth A. Hanson
Adaptive Economizing, Technological Change, and the Demand for Labor in Disequilibrium
Abstract: An adaptive economizing framework is proposed for
analyzing labor market aspects of long-term industrial development using a
dynamic, disaggregate economic model based upon principles of bounded
rationality and markets in disequilibrium. The approach is applied to a
firm's investment-production planning problem to illustrate how labor
demand is related to capital investment and technological change.
Keywords: Adaptive framework; labour market; industrial development; disequilibrium; investment-production planning; (follow links to similar papers)
JEL-Codes: J20; O30; (follow links to similar papers)
36 pages, July 1985
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