An Insider’s View on the Economics of Hyman Minsky
Chapter 13: Heterogeneity in the labor market
In this chapter heterogeneity in the labor market is considered. As is well known, this hypothesis is particularly considered by the so-called search theory, which refers to a fundamental device called the matching function. In this theory aggregate demand does not matter. In the first part of the chapter a model put forward by Delli Gatti, Gallegati and Desiderio and based upon an agent-based model (ABM) is considered, where the role of aggregate demand is reaffirmed, the matching function disregarded and the canonical macro results obtained by means of interactions at the micro level. In the second part, these results are then compared with those obtained in the present book, when heterogeneity is introduced. The claim is that the two approaches are compatible.
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