摘要: This paper shows that search in the labour market has important effects on accumulation decisions. In a characterized by search, employment contracts are naturally incomplete and this creates wedge between rates of return marginal products both human physical capital. As result, when workers invest more their capital, they increase rate Provided these factors complements production function, will desired level investment for firms. Then, because capital is not being paid its product, all goes up. model, therefore, there pecuniary increasing returns to scale sense is, profitable it accumulate Applying argument conversely, presence also follows. These lead amplified inefficiencies possibility multiple equilibria. They imply factor distribution income an impact growth. Finally, derives new links unemployment technology choice endogenized, introduces negative wage formation externality which may excessively fast diffusion technologies.
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