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This post is to remind me that I have discovered some anomalous switch points. I am introducing the concept of an anomalous switch point here.
Consider a switch point in a model of single production, with inputs of labor and circulating capital alone. At a (generic) switch point, one process replaces another in an industry that produces a commodity that exists in bo...
Borjas (2016) seems to be a standard textbook in labor economics. It has the usual obsolete idea that labor markets would clear, as shown by supply and demand, under ideal conditions. Unemployment is to be explained by deviations from these ideal conditions. Why would a professor in such a backwoods place like Harvard be expected to know about results in capital theory from ...
This post revisits my example of the recurrence of truncation without reswitching. In this example, the choice of technique consists of deciding on the economic life of a machine in each industry. I present an appl...