Contents
Page
1 INTRODUCTION 7
2 REVIEW OF LITERATURE 9
3 THE ECONOMY 11
4 STEADY-STATE SOLUTION 18
5 ECONOMICS OF THE STEADY-STATE 22
6 CONCLUSION 27
7 APPENDIX 28
REFERENCES 32
Figure 1: Development of Long-Term Unemployment on
Total Unemployment for Groups of Countries 8
Figure 2: GNP Per Capita Growth for Country Groups 9
Figure 3: Steady-State of the Economy 20
Figure 4: Analysis of the Stability of the Steady-State 21
Figure 5: Technical Progress and Long-Term Unemployment
in an Innovation Economy 25
Figure 6: Effects of Technical Progress on the Labor
Market in an Imitation Economy 26
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