Cycles in economic systems with open labor markets

Cycles in economic systems with open labor markets

A dynamic macromodel of an economic system with a monopsonic labor market and variable labor resources is considered. The initiation conditions for classical business cycles are investigated for this model. Bifurcation analysis of the model is performed to estimate the effect of the minimum wage on...

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Veröffentlicht in:Cybernetics and systems analysis 2008-07, Vol.44 (4), p.507-523
Hauptverfasser: Belan, E. P., Mikhalevich, M. V., Sergienko, I. V.
Format: Artikel
Sprache:eng
Schlagworte:
Artificial Intelligence
Business cycles
Competition
Control
Cybernetics
Dynamical systems
Economic conditions
Economic models
Employees
Employers
Experiments
Income distribution
Labor
Labor market
Labor supply
Mathematics
Mathematics and Statistics
Minimum wage
Monopsony
Population
Processor Architectures
Recessions
Software Engineering/Programming and Operating Systems
Studies
Systems Analysis
Systems Theory
Wages & salaries
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Beschreibung
Zusammenfassung:A dynamic macromodel of an economic system with a monopsonic labor market and variable labor resources is considered. The initiation conditions for classical business cycles are investigated for this model. Bifurcation analysis of the model is performed to estimate the effect of the minimum wage on the way such cycles form. The results of theoretical analysis are supplemented with numerical experiments.
ISSN:1060-0396
1573-8337
DOI:10.1007/s10559-008-9023-y