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This book starts from the proposition that frameworks used in business strategy lack realism because they are built on equilibrium-based foundations carried over from the domain of neoclassical economics. Mathews proposes instead a conceptual framework consistent with the turbulence found in real economies, and brings strategizing into conformity with such phenomena as innovation and technological change, network formation, capture of substitution effects in modular systems, and many other interesting features of modern economies that are passed over by mainstream equilibrium-based analysis. This new framework is based on the way firms assemble resources into a distinctive bundle, then build activities out of these resources to generate revenue, and link the resources to the activities through routines created and administered by management.
A timeless classic of economic theory that remains fascinating and pertinent today, this is Frank Knight's famous explanation of why perfect competition cannot eliminate profits, the important differences between "risk" and "uncertainty," and the vital role of the entrepreneur in profitmaking. Based on Knight's PhD dissertation, this 1921 work, balancing theory with fact to come to stunning insights, is a distinct pleasure to read. FRANK H. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. An economics professor at the University of Chicago from 1927 until 1955, he was one of the founders of the Chicago school of economics, which influenced Milton Friedman and George Stigler.
Sir John Hicks is one of the highest-regarded contemporary economists, and it is fitting that the new series of Critical Assessments of Contemporary Economists should commence with his work. Awarded the Nobel Prize for Economics in 1972, Sir John Hicks' work is extremely wide-ranging, with the list of topics reading almost like an agenda for the whole of modern economics: general equilibrium theory, welfare economics, problems of index numbers, trade cycles, wages and many others. He may, however, be best known to present day economists for having introduced IS-LM curves, now a standard means of Keynesian analysis. A comprehensive, scholarly work, this four-volume set gives students of economics and economic thought immediate access to Sir John Hicks' contributions and shows how his work has been received and modified by others.
First published in 1986. Since the late 1960s the seeming inability of traditional monetary and fiscal policies to combat " stagflation" and address other macroeconomic issues has accelerated the erosion of confidence in the prevailing economic paradigm , the " neoclassical synthesis." * Dissensions among the members of the economics profession on both sides of the Atlantic have grown in number. By the 1970s, a majority of economists had recognized a " crisis" in economic theory. Parallel to this development, a crisis has also emerged in the Marxian camp. This volume is a discussion from the various schools of thought around three of the salient common grounds follows: the theory of a monetary economy, the disequilibrium foundations of a general equilibrium theory, and a rekindled interest in institutional factors.
This book offers a unique insight into the character of Austrian economies and collects the recent work of the world's leading authorities in this area. The book will be welcomed by those interested in the legacy of Austrian economics.
Equilibrium versus Understanding argues that neo-classical theory is incapable of explaining or understanding human conduct. The author asserts that a different sort of economic theory is required and proposes a hermeneutic one. The book presents a comprehensive description and analysis of the methodologies involved, ultimately rejecting the positi
Building upon his previous books about Marx, Hayek, and Rand, Total Freedom completes what Lingua Franca has called Sciabarra&’s &"epic scholarly quest&" to reclaim dialectics, usually associated with the Marxian left, as a methodology that can revivify libertarian thought. Part One surveys the history of dialectics from the ancient Greeks through the Austrian school of economics. Part Two investigates in detail the work of Murray Rothbard as a leading modern libertarian, in whose thought Sciabarra finds both dialectical and nondialectical elements. Ultimately, Sciabarra aims for a dialectical-libertarian synthesis, highlighting the need (not sufficiently recognized in liberalism) to think of the &"totality&" of interconnections in a dynamic system as the way to ensure human freedom while avoiding &"totalitarianism&" (such as resulted from Marxism).
The most common mode of analysis in economic theory is to assume equilibrium. Yet, without a proper theory of how economies behave in disequilibrium, there is no foundation for such a practice. The necessary step in proposing a foundation is the formulation of a theory of stability, and in this 1984 book, Professor Fisher is primarily concerned with this subject, although disequilibrium behavior itself is analyzed. The author first undertakes a review of the existing literature on the stability of general equilibrium. He then proposes a more satisfactory general model in which agents realize their state of disequilibrium and act on arbitrage opportunities. The interrelated topics of the role of money, the nature of quantity constraints, and the optimal behaviour of arbitraging agents are extensively treated.
Analyses the emergence of a "service economy" and considers the economic challenges such an economy presents. Proposes a theoretical frame of reference based on the notions of risk and uncertainty. Covers trends from 1980 to 1992 and gives projections up to 2030.