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Adaptive Economizing, Technological Change, and the Demand for Labor in Disequilibrium

Author

Listed:
  • Day, Richard H.

    (Research Institute of Industrial Economics (IFN))

  • Hanson, Kenneth A.

    (Research Institute of Industrial Economics (IFN))

Abstract

An adaptive economizing framework is proposed for analyzing labor market aspects of long-term industrial development using a dynamic, disaggregate economic model based upon principles of bounded rationality and markets in disequilibrium. The approach is applied to a firm's investment-production planning problem to illustrate how labor demand is related to capital investment and technological change.

Suggested Citation

  • Day, Richard H. & Hanson, Kenneth A., 1985. "Adaptive Economizing, Technological Change, and the Demand for Labor in Disequilibrium," Working Paper Series 144, Research Institute of Industrial Economics.
    • Handle: RePEc:hhs:iuiwop:0144
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    References listed on IDEAS

    as
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    4. Hicks, John, 1977. "Economic Perspectives: Further Essays on Money and Growth," OUP Catalogue, Oxford University Press, number 9780198284079, Decembrie.
    5. Day, Richard H., 1984. "Disequilibrium economic dynamics : A post-Schumpeterian contribution," Journal of Economic Behavior & Organization, Elsevier, vol. 5(1), pages 57-76, March.
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    More about this item

    Keywords

    Adaptive framework; labour market; industrial development; disequilibrium; investment-production planning;
    All these keywords.

    JEL classification:

    • J20 - Labor and Demographic Economics - - Demand and Supply of Labor - - - General
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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