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A note on disequilibrium growth theory |
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| Authors: | Takatoshi Ito |
| Institution: | Department of Economics, Harvard University, Cambridge, MA 02138, USA |
| Abstract: | Disequilibrium growth theory is an extension of disequilibrium theory to a neo-classical growth model. The real wage is not supposed to adjust instantaneously to ensure full employment. Behavior of capital accumulation may be different according to a regime of unemployment, full employment or overemployment. |
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