Year

1988

DOI

10.17848/9780880995405

Abstract

A fundamental controversy in labor economics is whether unemployment is better viewed as an equilibrium or disequilibrium phenomenon. The authors contend that answers to policy problems related to unemployment will depend on which of the two characterizations of the labor market is accepted. They note the effects of inflation, taxes, and unionization on unemployment and describe those factors' effects on the equilibrium/disequilibrium question by presenting both equilibrium and disequilibrium models of the U.S. labor market.

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Contents

  1. Introduction
  2. Equilibrium vs. Disequilibrium Labor Market Analysis
  3. Formulating a Disequilibrium Model
  4. Estimating the Disequilibrium Model
  5. The Equilibrium Model
  6. Comparing the Models

ISBN

9780880990608 (pbk.) ; 9780880995405 (ebook)

Subject Areas

UNEMPLOYMENT, DISABILITY, and INCOME SUPPORT PROGRAMS

The Conflict Between Equilibrium and Disequilibrium Theories: The Case of the U.S. Labor Market

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Citation

Quandt, Richard E., and Harvey S. Rosen. 1988. The Conflict Between Equilibrium and Disequilibrium Theories: The Case of the U.S. Labor Market. Kalamazoo, MI: W.E. Upjohn Institute for Employment Research. https://doi.org/10.17848/9780880995405

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