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Jobs and Chocolate: Samuelsonian Surpluses in Dynamic Models of Unemployment

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  • Carl Davidson
  • Lawrence Martin
  • Steven Matusz

Abstract

In dynamic models of unemployment in which the employed consume more than the unemployed, workers are finitely lived, and jobs are lasting, employment transfers consumption from future generations to those currently alive, resulting in a social surplus. That is, these transfers allow the current generation to consume more than its share of the output produced during its lifetime, without the increased consumption coming at the expense of future generations. Moreover, due to these intergenerational transfers, the allocation that maximizes steady-state output is Pareto dominated by another feasible allocation with a higher level of steady-state employment.

Suggested Citation

  • Carl Davidson & Lawrence Martin & Steven Matusz, 1994. "Jobs and Chocolate: Samuelsonian Surpluses in Dynamic Models of Unemployment," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 61(1), pages 173-192.
    • Handle: RePEc:oup:restud:v:61:y:1994:i:1:p:173-192.
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    File URL: http://hdl.handle.net/10.2307/2297882
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    Cited by:

    1. Joydeep Bhattacharya & Robert R. Reed, 2006. "Social Security and Intergenerational Redistribution," Contributions to Economic Analysis, in: Structural Models of Wage and Employment Dynamics, pages 183-213, Emerald Group Publishing Limited.
    2. Arnaud Costinot, 2009. "Jobs, Jobs, Jobs: A "New" Perspective on Protectionism," Journal of the European Economic Association, MIT Press, vol. 7(5), pages 1011-1041, September.
    3. Bhattacharya, Joydeep & Reed, Robert R., 2002. "Age-specific employment policies," ISU General Staff Papers 200211050800001187, Iowa State University, Department of Economics.
    4. Bhattacharya, Joydeep & Reed, Robert R., 2001. "Aging, unemployment, and welfare in a life-cycle model with costly labor market search," ISU General Staff Papers 200110010700001188, Iowa State University, Department of Economics.
    5. Artuc, Erhan, 2012. "Workers'age and the impact of trade shocks," Policy Research Working Paper Series 6035, The World Bank.

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