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The theory of the firm has recently undergone a dramatic transformation, drawing heavily on the pathbreaking work of Armen Alchian. This volume explores his contribution to the debate, including essays by Harold Demetz, Ben Klein, Jerry Jordan and Art Devany.
This book contains the most sustained and serious attack on mainstream, neoclassical economics in more than forty years. Nelson and Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit maximization and market equilibrium, which they find ineffective in the analysis of technological innovation and the dynamics of competition among firms. To replace these assumptions, they borrow from biology the concept of natural selection to construct a precise and detailed evolutionary theory of business behavior. They grant that films are motivated by profit and engage in search for ways of improving profits, but they do not consider them to be profit maximizing. Likewise, they emphasize the tendency for the more profitable firms to drive the less profitable ones out of business, but they do not focus their analysis on hypothetical states of industry equilibrium. The results of their new paradigm and analytical framework are impressive. Not only have they been able to develop more coherent and powerful models of competitive firm dynamics under conditions of growth and technological change, but their approach is compatible with findings in psychology and other social sciences. Finally, their work has important implications for welfare economics and for government policy toward industry.
The theory of the firm has recently undergone a dramatic transformation, drawing heavily on the pathbreaking work of Armen Alchian. This volume explores his contribution to the debate, including essays by Harold Demetz, Ben Klein, Jerry Jordan and Art Devany.
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.
In this provocative book, Paul Glimcher argues that economic theory may provide an alternative to the classical Cartesian model of the brain and behavior. Glimcher argues that Cartesian dualism operates from the false premise that the reflex is able to describe behavior in the real world that animals inhabit. A mathematically rich cognitive theory, he claims, could solve the most difficult problems that any environment could present, eliminating the need for dualism by eliminating the need for a reflex theory. Such a mathematically rigorous description of the neural processes that connect sensation and action, he explains, will have its roots in microeconomic theory. Economic theory allows physiologists to define both the optimal course of action that an animal might select and a mathematical route by which that optimal solution can be derived. Glimcher outlines what an economics-based cognitive model might look like and how one would begin to test it empirically. Along the way, he presents a fascinating history of neuroscience. He also discusses related questions about determinism, free will, and the stochastic nature of complex behavior.
Movies expected to perform well can flop, whilst independent movies with low budgets can be wildly successful. In this text, De Vany casts his eye over all aspects of the business to present some intriguing conclusions.
John Maynard Keynes is undoubtedly the most influential Western economist of the twentieth century. His emphasis on the nature and role of uncertainty in economic thought is a dominant theme in his writings. This book brings together a wide array of experts on Keynes' thought such as Gay Tulip Meeks, Sheila Dow and John Davis who discuss, analyse and criticise such themes as Keynesian probability and uncertainty, the foundations of Keynes' economics and the relationship between Keynes' earlier and later thought. The Philosophy of Keynes' Economics is a readable and comprehensive book that will interest students and academics interested in the man and his thought.
A theoretical study dealing chiefly with matters of definition and clarification of terms and concepts involved in using Darwinian notions to model social phenomena.
Latin American neo-structuralism is a cutting-edge, regionally focused economic theory with broad implications for macroeconomics and development economics. Roberto Frenkel has spent five decades developing the theory's core arguments and expanding their application throughout the discipline, revolutionizing our understanding of high inflation and hyperinflation, disinflation programs, and the behavior of foreign exchange markets as well as financial and currency crises in emerging economies. The essays in this collection assess Latin American neo-structuralism's theoretical contributions and viability as the world's economies evolve. The authors discuss Frenkel's work in relation to pricing decisions, inflation and stabilization policy, development and income distribution in Latin America, and macroeconomic policy for economic growth. An entire section focuses on finance and crisis, and the volume concludes with a neo-structuralist analysis of general aspects of economic development. For those seeking a comprehensive introduction to contemporary Latin American economic thought, this collection not only explicates the intricate work of one of its greatest practitioners but also demonstrates its impact on the growth of economics.
Without economic history, economics runs the risk of being too abstract or parochial, of failing to notice precedents, trends and cycles, of overlooking the long-run and thus misunderstanding ‘how we got here’. Recent financial and economic crises illustrate spectacularly how the economics profession has not learnt from its past. This important and unique book addresses this problem by demonstrating the power of historical thinking in economic research. Concise chapters guide economics lecturers and their students through the field of economic history, demonstrating the use of historical thinking in economic research, and advising them on how they can actively engage with economic history in their teaching and learning. Blum and Colvin bring together important voices in the field to show readers how they can use their existing economics training to explore different facets of economic history. Each chapter introduces a question or topic, historical context or research method and explores how they can be used in economics scholarship and pedagogy. In a century characterised to date by economic uncertainty, bubbles and crashes, An Economist’s Guide to Economic History is essential reading. For further information visit http://www.blumandcolvin.org