Journal Of The Econometric Society

An International Society for the Advancement of Economic
Theory in its Relation to Statistics and Mathematics

Edited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262

Econometrica: Jul, 1979, Volume 47, Issue 4

An Equilibrium Model with Fixed Labor Time<921:AEMWFL>2.0.CO;2-0
p. 921-938

Claus Weddepohl

An economy with production is considered where the labor time is the same for all working agents and for all types of labor. It is shown that a private goods equilibrium exists if the labor time is fixed. An equilibrium with public goods exists if the labor time is variable but the distribution of consumers over types of labor is given, where labor time appears as a public good. Optimality properties of solutions where the equilibrium conditions of both types of equilibrium are fulfilled simultaneously are analyzed.

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