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Transaction Costs, Economic Growth and Labor Supply

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  • S. Malakhov

Abstract

The paper presents the model of allocation of time within dispersion of current prices and under uncertainty of future prices. It is argued that, with a given wage rate and a chosen level of consumption, the individual maximizes savings as the function of time of search. As a result, when the wage rate is increased, the substitution effect is limited by higher prices of imperfect markets, and the income effect is limited by inferiority of consumption goods. The model discovers some differences of economic behavior of men and women. The level of development of an economy also changes the economic behavior, which in its turn contributes differently to economic growth.

Suggested Citation

  • S. Malakhov, 2003. "Transaction Costs, Economic Growth and Labor Supply," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 9.
    • Handle: RePEc:nos:voprec:y:2003:id:2078
    DOI: 10.32609/0042-8736-2003-9-49-61
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    File URL: https://www.vopreco.ru/jour/article/viewFile/2078/2080
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    Cited by:

    1. Malakhov, Sergey, 2020. "Proof of the invisible hand: the optimal consumer allocation of time under price dispersion," MPRA Paper 99783, University Library of Munich, Germany.

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