Powered by OpenAIRE graph
Found an issue? Give us feedback
addClaim

General Workplace-Equilibrium Theory

Authors: James Annable;

General Workplace-Equilibrium Theory

Abstract

General workplace-equilibrium theory provides a nonspecific solution to a model of employee-employer rational choice in the circumstance of technological heterogeneities. It shares a critical characteristic with the ubiquitous friction-augmented, dynamic stochastic general market equilibrium analysis. In both, the time-paths of total output and employment, through recession, recovery, and expansion, are consistent with continuous equilibrium. The nature of the equilibrium, however, differs. The intra-firm class results from generalized rest points in the spaces of large- and small-workplace decision rules, while the DSGME class represents generalized rest points in the space of multi-market decision rules. The difference between the two classes implies that workplace equilibrium is better suited to the task of microfounding macroeconomics that features wage rigidities and involuntary job loss than is market equilibrium, which inherently requires meaningful labor-price flexibility. The workplace approach pre-serves Pareto optimality while tractably modeling markets in chronic disequilibrium, a giant step toward a policy-useful formal macroeconomics. Most fundamentally, general workplace equilibrium provides the deep structure that allows the effective integration of the division of labor, sunk capital, wage rigidities, involuntary job loss, and well-motivated employees into optimizing, continuous-equilibrium theory, permitting a powerful, long overdue, synthesis of classical, neoclassical, and Keynesian analyses.

  • BIP!
    Impact byBIP!
    selected citations
    These citations are derived from selected sources.
    This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
    1
    popularity
    This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
    Average
    influence
    This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
    Average
    impulse
    This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
    Average
Powered by OpenAIRE graph
Found an issue? Give us feedback
selected citations
These citations are derived from selected sources.
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
1
Average
Average
Average
Upload OA version
Are you the author of this publication? Upload your Open Access version to Zenodo!
It’s fast and easy, just two clicks!