This paper explores the process of adaptation to new methods in a simple model where the growth rate of labour supply is exogenously given and constant. It shows that competition for a primary input in short supply changes the mechanism of adaptation and its consequences: If surplus labour exists, differential capacity accumulation effectuates adaptation and leads to a logistic replacement patt...

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Global competition has made it imperative for the process industries to manage their supply chains optimally. The complexity of the supply chain processes coupled with large computational times often makes effective supply chain management (SCM) difficult. Production system is an important component of a supply chain. This paper introduces a novel approach for aggregate planning of production i...

This paper proposes a theory of supply shocks, or shifts in the short-run Phillips curve, based on relative-price changes and frictions in nominal price adjustment. When price adjustment is costly, firms adjust to large shocks but not to small shocks, and so large shocks have disproportionate effects on the price level. Therefore, aggregate inflation depends on the distribution of relative-pric...

Tanzania is among the many African countries that have engaged in agricultural liberalisation since the mid-1980s, in the hope that reforms which introduce price incentives and efficient marketing will encourage producers to respond. This paper assesses that claim by examining the supply response of agricultural output in Tanzania. Our estimates suggest that agricultural supply response is quit...

We decompose the behavior of GNP and unemployment into the dynamic effects of two types of shocks: shocks that have a permanent effect on output and shocks that do not. We interpret the £rst as supply shocks, the second as demand shocks. We £nd that demand disturbances have a bump shaped effect on both output and unemployment; the effect peaks after a year and vanishes after two to three years....