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Revised and updated introduction, useful as a reference source for engineers and managers or as a text for upper-level undergraduate and graduate courses in technical colleges and universities. Includes end-of-chapter questions (an answer book is provided for teachers). Annotation copyright Book New
This title was first published in 2001. The objective of this book is to discuss specification and applications of new production, cost and profit functions. It is aimed at specialists in production, economic growth, costs, profits and applied econometrics in particular.
Electricity Economics: Production Functions with Electricity studies the production output from analyzing patterns of electricity consumption. Since electricity data can be used to measure scenarios of economic performance due to its accuracy and reliability, it could therefore also be used to help scholars explore new research frontiers that directly and indirectly benefits human society. Our research initially explores a similar pattern to substitute the Cobb–Douglas function with the production function with electricity to track and forecast economic activities. The book systematically introduces the theoretical frameworks and mathematical models of economics from the perspective of electricity consumption. The E-GDP functions are presented for case studies of more than 20 developed and developing countries. These functions also demonstrate substantial similarities between human DNA and production functions with electricity in terms of four major characteristics, namely replication, mutation, uniqueness, and evolution. Furthermore, the book includes extensive data and case studies on the U.S., China, Japan, etc. It is intended for scientists, engineers, financial professionals, policy makers, consultants, and anyone else with a desire to study electricity economics as well as related applications. Dr. Zhaoguang Hu is the vice president and chief energy specialist at the State Grid Energy Research Institute, China. Zheng Hu is a PhD candidate at the Center for Energy and Environmental Policy, University of Delaware, USA.
Production theory and the theory of cost both belong to the central areas of business administration, for all considerations concerning the economic organization of industrial manufacturing processes start from these. Two developments in the past 30 years have had a considerable influence on the structure and the concentration on points of emphasis in this book. I am referring to findings from KOOPMANS' activity analysis and to the formulation by GUTENBERG of a production function concept that focuses on industrial production processes. Activity analysis has made it possible to develop, from a uniform approach, different types of production functions which describe the concrete principles of production in the productive sector of a business enterprise; this has created a common basis for all production concepts in business administration. The Gutenberg Production Function with its different kinds of adjustment to a changing output has opened up a flexibility to theoretical and practical considerations that gave rise to a large number of additional studies in this area. Considerations in cost theory were in particular need of considerable extensions in the direction of cost minimal combined adjustment processes. By means of the organization of its contents, this book will take both approaches into due account. In that way, it is vastly different from other books dealing with the same subject. As a matter of course, traditional analytical methods and ways of thinking also constitute a large part of the book.
Developing a unified theory of production and investment, Vernon L. Smith explores the empirical and theoretical nature of the interdependence between "short-run" current account production decisions and "long-run" investment planning, taking into account such technological factors as equipment replacement. The book builds an explicit theory of production planning by integrating production, investment, and equipment replacement policy, derives the decision implications of the use of durable capital goods, and examines the production function concept and the production decision process in engineering design and in general business practice.
This scholarly yet accessible book provides an introduction to the main topics in production economics. The book successfully integrates two historically distinct perspectives on modeling technology: from microeconomics and engineering.
This authoritative and stimulating book represents a fundamental critique of the aggregate production function, a concept widely used in macroeconomics.
'Guido Buenstorf's book is a splendid attempt to break new ground in the theory of production. Turning away from the ever more abstract - and theoretically empty - production function approach, he shows how changing physical constraints in the utilisation of energy systematically affect production processes in the economy. With his analysis the author challenges the value based approach to production. He outlines the contours of a richer theory, which is capable of accounting for physical and technological aspects without losing sight of their economic implications.' - Ulrich Witt, Max Planck Institute for Research into Economic Systems, Germany 'This book makes a fundamental contribution to economics, in that it deals with production theory from a perspective that integrates economics with engineering and science. It represents a far more realistic interpretation than the standard neoclassical approach and will act as a stimulus for further research in this area.' - Robert U. Ayres, INSEAD, France The economics of energy has been a contested issue over the past century. Although it has not figured prominently in mainstream economics, numerous alternative proposals have called for energy to play a more central role in economic theory. In this highly original and enlightening volume, Guido Buenstorf develops a new conceptual approach to the economics of energy which originates from recent advances in evolutionary economics.
The development of the energy concept in Western physics and its subsequent effect on the emergence of neoclassical economics are traced to reveal how economics has sought to emulate physics, especially with regard to the theory of value.
Production Systems Engineering (PSE) is an emerging branch of Engineering intended to uncover fundamental principles of production systems and utilize them for analysis, continuous improvement, and design. This volume is the first ever textbook devoted exclusively to PSE. It is intended for senior undergraduate and first year graduate students interested in manufacturing. The development is first principle-based rather than recipe-based. The only prerequisite is elementary Probability Theory; however, all necessary probability facts are reviewed in an introductory chapter. Using a system-theoretic approach, this textbook provides analytical solutions for the following problems: mathematical modeling of production systems, performance analysis, constrained improvability, bottleneck identification and elimination, lean buffer design, product quality, customer demand satisfaction, transient behavior, and system-theoretic properties. Numerous case studies are presented. In addition, the so-called PSE Toolbox, which implements the algorithms developed, is described. The volume includes numerous case studies and problems for homework assignment.