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The Purpose and Basic Model of the Present Study
Derivation of Hypotheses
6 other sections not shown
assumed Capacity Model capacity utilization cent changes coefficient commodity market considered cost degree of capacity demand and supply demand for commodities demand for labour determination devaluation differ disequilibrium model earnings level Econ Economic elasticity empirical analysis employed endogenous Excess Demand Model exogenous variables final equation full employment gross domestic product hypotheses i i i increases inflationary J. M. Keynes Keynesian L. R. Klein labour equation labour function labour input labour market NdlN negotiated wage rates operational counterpart parameter corresponding parameter estimates perfect competition Phillips Curve present study price and wage price equation price level production function productivity of labour productivity variable quantity theory R. G. D. Allen R. J. Ball ratio real wage relative prices result sample period Sargan significantly from zero simultaneously statistical studies of inflation supply of labour theory of wages transformed United Kingdom values Vandome variations w'lp wage equation wage level