The book Short Run Labor Productivity in a Dynamic Model was written by author Ernst R Berndt Here you can read free online of Short Run Labor Productivity in a Dynamic Model book, rate and share your impressions in comments. If you don't know what to write, just answer the question: Why is Short Run Labor Productivity in a Dynamic Model a good or bad book?
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The difference between long and short run elasticities of demand for aggregate labor L can be written as LQ LQ 9. 3U 9S [9Q ^ 3QJ 3U 9S [3Q ^ 9QJ (Q/L)' 8U dK* 3Q ' 9S* 9Q ' 9Q 9K* 9U as* ^ 9S* "I (39) L S Hence, again, a sufficient condition for e~ - E-- to be positive is that there be U-K and U-S complementarity (9S*/9Q is positive by assumption) . On the other hand, even if unskilled labor were substitutable with both physical capital and with skilled labor, as long as 9S*/9Q were sufficient...ly large, the short run aggregate labor-output elasticity would still be less than the corresponding long run elasticity. This implies that SRIRL in the aggregate is possible even with U-K and U-S substitutability . It is clear, therefore, that the mere existence of labor hoarding (or quasi-f ixity) of skilled labor is not sufficient to yield the classic result that S L e~ e- .
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