Scandinavian Working Papers in Economics

Working Paper Series,
Research Institute of Industrial Economics

No 144: Adaptive Economizing, Technological Change, and the Demand for Labor in Disequilibrium

Richard H. Day and Kenneth A. Hanson
Additional contact information
Richard H. Day: Research Institute of Industrial Economics (IFN)
Kenneth A. Hanson: Research Institute of Industrial Economics (IFN)

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

JEL-codes: J20; O30

36 pages, July 1985

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