Underemployment Equilibria

Essays in Theory, Econometrics and Policy

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Paperback | 11 October 1993

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596 Pages

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This book is a selection of Jacques Dreze's work over the past ten years on the topics of stagflation, lasting unemployment and unused capacity. At the theoretical level, the author has contributed to the formulation and analysis of general equilibrium models that allow for price rigidities and excess supply. These models have interesting macroeconomic implications and lend themselves to econometric implementation. They thus help to pull together separate branches of economics. These models have also been found helpful in the study of related topics, such as equilibrium with increasing returns, public goods, price dynamics and the limitations of wage flexibility. This collection of papers is representative of efforts by European economists to integrate micro- and macro-economics, and to use theory for empirical and policy purposes. How their thinking developed, and what contribution of lasting value it made, is sketched in an overview chapter.

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Preface
Acknowledgements
Overview
Underemployment equilibria: from theory to economics and policy
Equilibria With Price Rigidities
Existence of an exchange equilibrium under price rigidities
On supply-constrained equilibria
Competitive equilibria with quantity-taking producers and increasing returns to scale
Efficiency of Constrained Equilibria
Optimality properties of rationing schemes
Values of markets with satiation or fixed prices
Public Goods and the Public Sector
Public goods with exclusion
Second-best analysis with markets in disequilibrium: public sector pricing in a keynesian regime
Price Adjustments
Demand estimation, risk aversion and sticky prices
Stability of a keynesian adjustment process
Wage Policies
The role of securities and labour contracts in the optimal allocation of risk-bearing
Wages, employment and the equity-efficiency trade-off
Labour management, contracts and capital markets: some macroeconomic aspects, and conclusions
Econometrics
The trade-off between real wages and employment in an open economy (Belgium)
A discussion of Belgium unemployment, combining traditional concepts and disequilibrium econometrics
Europe's unemployment problem: introduction and synthesis
Policy
Work-sharing: some theory and recent European experience
The two-handed growth strategy for Europe: autonomy through flexible cooperation
References
Index
Table of Contents provided by Publisher. All Rights Reserved.

Underemployment Equilibria

Essays in Theory, Econometrics and Policy

At a Glance

Paperback

Shipping

How to return your order

Defective items

You Can Find This Book In

More in Economic Theory & Philosophy

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The Communist Manifesto

Little Black Classics

The Neoliberal Era

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Doughnut Economics

Seven Ways to Think Like a 21st-Century Economist

Capitalism and Freedom

Emersion: Emergent Village resources for communities of faith

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Limitarianism

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Psycho-Cybernetics (Updated and Expanded)

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The Black Swan

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Freakonomics

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The Secret History of Neoliberalism ( & How It Came To Control Your Life)

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Intermediate Financial Theory

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