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| Author: | Jenner, R.A. |
| Title: | Real wages, business cycles and new production patterns |
| Journal: | Small business economics
2004 : DEC, VOL. 23:5, p. 441-452 |
| Index terms: | Business cycles Purchasing power Keynesian school Classical economics History of economic thought Models Pay |
| Freeterms: | Real wages |
| Language: | eng |
| Abstract: | This article's focus is on business cycle models constructed from classical and traditional Keynesian analysis. This paper presents a model in which growth and the business cycle are both triggered by real "shocks" to technology derived wholly from endogenous sources. Production processes typically contain a series of linked components and subcomponents directing a flow of energy through the system to transform a set of inputs as to increase their value, as determined by customers. |
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