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Increasing returns and the foundation of unemployment theory

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Claims that the assumptions that lead to the controversial elements of M.L. Weitzman's model of unemployment are not easily appreciated from his paper 'Increasing Returns and the Foundations of Unemployment Theory.' Nominal wage in the short and long run; Inability of Weitzman's formal model to capture the major problem he envisages; Shocks considered in Weitzman's paper.

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en

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http://eprints.lse.ac.uk/35529/

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