(Download) "Short-Run Employment Functions in Manufacturing Industries (Report)" by Journal of Social Sciences " Book PDF Kindle ePub Free
eBook details
- Title: Short-Run Employment Functions in Manufacturing Industries (Report)
- Author : Journal of Social Sciences
- Release Date : January 01, 2009
- Genre: Social Science,Books,Nonfiction,
- Pages : * pages
- Size : 202 KB
Description
INTRODUCTION In macroeconomics, one of the controversies question is to whether or not unemployment can be largely attributed to the real wage being too high. The question has been interpreted as essentially an empirical issue. The neoclassical approach suggests that, in the long run, capital-labor substitution and wage flexibility guarantee full employment and, hence, one can derive estimates of the elasticity of employment with respect to the real wage using the neoclassical production function. In addition, the short-run influence of expenditure upon production, employment, hours worked, labor productivity and unemployment have received comparatively little attention. The implications of Oi's hypothesis is examined by (26) with the use of a short-term employment function. The restriction of the employment demand to follow either Cobb-Douglas or the generalized Leontief form gives insignificant wage elasticity but significant employment demand elasticity studied by (17). The short-run movements of employment productivity over the business cycle have received special attention and, consequently, several empirical studies of the relationship between value added and employment have recently been available in (8), (11), (18), (19), (24), (29). As argued by (24) that the methodology of estimating employment functions do not founder on the shoals of algebraic tautology, which diminish the estimates of some estimates of aggregate production functions, as noted by (27).