Inhaltsangabe
Understand how firms manage labor and capital in the short run to meet changing demand. This study analyzes why short-run labor productivity tends to rise with output even when the production function shows diminishing returns. It combines a rigorous dynamic cost-minimization framework with empirical tests using U.S. manufacturing data from 1952–1971. The author emphasizes labor hoarding and the role of quasi-fixed inputs to explain why aggregate labor appears procyclical in the short run.
The book presents two related models that link output, input use, and costs. It shows how a firm with some fixed inputs can adjust over time by moving between external purchases and internal production, capturing gradual capital stock changes and internal costs of adjustment. Through these models, the author demonstrates that short-run elasticity of labor with respect to output can be less than one, while long-run elasticity moves toward unity. The discussion draws on Solow’s labor-hoarding ideas and explores how different types of labor (production vs. nonproduction) contribute to the observed patterns.
- Elasticities: how output changes drive demand for different inputs in the short and long run.
- Quasi-fixed inputs: how increasing costs of adjusting fixed factors affect firm decisions.
- Model comparison: the KLEM and KUSEM frameworks and what they reveal about labor demand and productivity.
- Empirical results: interpretation of 1952–1971 U.S. manufacturing data and implications for SRIRL.
Ideal for readers of econometrics, production theory, and energy- and cost-focused economics who want a clear, model-based view of how firms adapt to cyclical demand without overstating outcomes.
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Short Run Labor Productivity in a Dynamic Model (Classic Reprint)
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Paperback. Zustand: New. Print on Demand. This book delves into a classic concept in economics called "short-run increasing returns to labor," which describes how businesses often experience greater productivity with fewer workers in the short term. The author introduces a new dynamic model that integrates the theory of cost minimization with internal adjustment costs. By examining the relationship between output and employment, this book challenges traditional neoclassical theory and offers a groundbreaking framework to understand the complexities of labor demand. The analysis reveals that increasing returns to labor can occur even without labor hoarding and provides empirical evidence from U.S. manufacturing data. This book significantly contributes to the understanding of short-run labor dynamics and its implications for economic policy. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. Bestandsnummer des Verkäufers 9781330692189_0
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Short Run Labor Productivity in a Dynamic Model Classic Reprint
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PAP. Zustand: New. New Book. Shipped from UK. Established seller since 2000. Bestandsnummer des Verkäufers LW-9781330692189
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Short Run Labor Productivity in a Dynamic Model Classic Reprint
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PAP. Zustand: New. New Book. Shipped from UK. Established seller since 2000. Bestandsnummer des Verkäufers LW-9781330692189
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