Richard H. Day
and Kenneth A. Hanson
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.
36 pages, July 1985
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