The Conflict Between Equilibrium and Disequilibrium Theories: The Case of the U.S. Labor Market
- ISBN-10
- 0880990600
- ISBN-13
- 9780880990608
- Category
- Business & Economics
- Pages
- 102
- Language
- English
- Published
- 1988
- Publisher
- W E Upjohn Inst for
- Authors
- Richard E. Quandt, Harvey S. Rosen
Description
This monograph estimates both disequilibrium and equilibrium models of the U.S. labor market and compares the results and their implications for policy. Because a great deal of work in the U.S. labor market has followed the equilibrium paradigm, this essay devotes a disproportionate amount of time to discussing the problems that arise in formulating and estimating a disequilibrium model. Chapter 1 is an introduction that addresses the policy and methodological issues. Chapter 2 discusses equilibrium and disequilibrium approaches to labor market analysis, with special focus on policy implications. An estimable disequilibrium model of the labor market is specified in Chapter 3, and in Chapter 4 the data are discussed, the estimation procedure is outlined, and results are presented. Chapter 5 specifies and estimates an equilibrium model of the labor market and discusses its implications. Chapter 6 concludes with comparisons between the disequilibrium and equilibrium results and some suggestions for future research. An appendix containing the data and a list of references are included. (YLB)
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Other editions
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- 1988
- 102 pages
- Paperback
- W.E. Upjohn Institute for Employment Research
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