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Modelling the Labour Market pp 105–144Cite as

A new classical model of the labour market

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Abstract

Most new classical models — for example Sargent (1976) for the US — contain no explicit labour supply and demand equations, but rather an aggregate output supply equation derived from some implicit equations for labour market and productive technology. This was true also of the Liverpool Model, a new classical model of the UK, until in 1980 it became obvious to me that there had to be a full and explicit analysis of unemployment whose behaviour was diverging markedly from its traditional relationship with output (Okun’s law).

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Authors
  1. Patrick Minford
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Editors and Affiliations

  1. Lady Davos Professor of Economics, Hebrew University, Jerusalem, Israel

    Michael Beenstock

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© 1988 Chapman and Hall Ltd

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Minford, P. (1988). A new classical model of the labour market. In: Beenstock, M. (eds) Modelling the Labour Market. Springer, Dordrecht. https://doi.org/10.1007/978-94-009-1203-8_5

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  • DOI: https://doi.org/10.1007/978-94-009-1203-8_5

  • Publisher Name: Springer, Dordrecht

  • Print ISBN: 978-94-010-7035-5

  • Online ISBN: 978-94-009-1203-8

  • eBook Packages: Springer Book Archive

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