Dynamic equilibria with unemployment due to undernourishment

Debraj Ray, Peter A. Streufert

    Research output: Contribution to journalArticlepeer-review

    Abstract

    We provide characterization and stability results for the stationary equilibria of a competitive infinite-horizon model that incorporates the nutritional requirements of physical labor. We find that for many aggregate land stocks, there is a large continuum of stationary equilibrium unemployment rates. Since unemployment can be seen to stem from inequality in the initial distribution of land ownership, we suggest that certain land reforms can reduce unemployment.

    Original languageEnglish (US)
    Pages (from-to)61-85
    Number of pages25
    JournalEconomic Theory
    Volume3
    Issue number1
    DOIs
    StatePublished - Mar 1993

    ASJC Scopus subject areas

    • Economics and Econometrics

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