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Erschienen in:
1995 | OriginalPaper | Buchkapitel
Interest Rate Puzzles, Competitive Theory and Capital Constraints
verfasst von : Joseph E. Stiglitz
Erschienen in: Economics in a Changing World
Verlag: Palgrave Macmillan UK
Enthalten in: Professional Book Archive
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Much has been written in recent years concerning the problem of reconciling observed patterns of real wages with competitive equilibrium theory. The failure of real product wages to rise in economic downturns suggests that firms are off their supply curves;1 and the failure of real consumer wages to fall substantially suggests that workers are off their labour supply curves.