Co-movement, Capital and Contracts: 'Normal' Cycles Through Creative Destruction
نویسندگان
چکیده
منابع مشابه
Creative Destruction, Capital Accumulation, and Employment Cycles
A Schumpeterian growth model is constructed for an economy where wages are determined by union-firm bargaining. It is shown that the economy is subject to cycles in which capital, output and employment vary in fixed proportion. These increase through saving and capital accumulation until a new technology is introduced, at which moment they fall sharply due to obsolescence of capital. The labour...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2003
ISSN: 1556-5068
DOI: 10.2139/ssrn.556092