Unemployment, wage bargaining and capital-labour substitution
质疑了资本积累、技术进步和劳动力扩张对失业无长期影响的观点，通过模型证明当劳动与资本的替代弹性小于1时，这些因素会影响均衡失业率，并探讨了资本积累内生化的长期含义。
Many economists believe that capital accumulation, technical progress and labour force expansion have no lasting effect on unemployment. This view rests on the empirically doubtful assumption that the elasticity of substitution between labour and capital is equal to unity (i.e., production is Cobb-Douglas). Using a simple model based on the work of Layard, Nickell and Jackman, this paper demonstrates that, with a lower elasticity of substitution, the equilibrium unemployment rate is affected by all of the above factors. It considers briefly how capital accumulation may be endogenised and what long-run implications this has for unemployment. Copyright 1999 by Oxford University Press.