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Author: Richard R. Nelson
Publisher: Harvard University Press
ISBN: 9780674041431
Category : Business & Economics
Languages : en
Pages : 456
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Book Description
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.
Author: Richard R. Nelson
Publisher: Harvard University Press
ISBN: 9780674041431
Category : Business & Economics
Languages : en
Pages : 456
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Book Description
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.
Author: Joseph A. Schumpeter
Publisher:
ISBN: 9781258922573
Category :
Languages : en
Pages : 22
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Book Description
This is a new release of the original 1935 edition.
Author:
Publisher:
ISBN:
Category : Crops and climate
Languages : en
Pages : 24
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Book Description
Author: Douglass C. North
Publisher: Princeton University Press
ISBN: 0691145954
Category : Business & Economics
Languages : en
Pages : 200
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Book Description
In this landmark work, a Nobel Prize-winning economist develops a new way of understanding the process by which economies change. Douglass North inspired a revolution in economic history a generation ago by demonstrating that economic performance is determined largely by the kind and quality of institutions that support markets. As he showed in two now classic books that inspired the New Institutional Economics (today a subfield of economics), property rights and transaction costs are fundamental determinants. Here, North explains how different societies arrive at the institutional infrastructure that greatly determines their economic trajectories. North argues that economic change depends largely on "adaptive efficiency," a society's effectiveness in creating institutions that are productive, stable, fair, and broadly accepted--and, importantly, flexible enough to be changed or replaced in response to political and economic feedback. While adhering to his earlier definition of institutions as the formal and informal rules that constrain human economic behavior, he extends his analysis to explore the deeper determinants of how these rules evolve and how economies change. Drawing on recent work by psychologists, he identifies intentionality as the crucial variable and proceeds to demonstrate how intentionality emerges as the product of social learning and how it then shapes the economy's institutional foundations and thus its capacity to adapt to changing circumstances. Understanding the Process of Economic Change accounts not only for past institutional change but also for the diverse performance of present-day economies. This major work is therefore also an essential guide to improving the performance of developing countries.
Author: Douglass C. North
Publisher: Cambridge University Press
ISBN: 9780521397346
Category : Political Science
Languages : en
Pages : 164
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Book Description
An analytical framework for explaining the ways in which institutions and institutional change affect the performance of economies is developed in this analysis of economic structures.
Author: Peter Lewis
Publisher: University of Michigan Press
ISBN: 0472069802
Category : Business & Economics
Languages : en
Pages : 358
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Book Description
The story of how oil--and oil money--transformed political life in two major producer-nations
Author: Richard S.J. Tol
Publisher: Edward Elgar Publishing
ISBN: 178643508X
Category : Climatic changes
Languages : en
Pages : 255
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Book Description
This unique and erudite second edition can be used at three different levels – advanced undergraduate, post-graduate and doctoral. It comprehensively covers the critical issues on the economics of climate change and climate policy features and clearly identifies the specific sections each level of reader should explore. Topics include the costs and benefits of adaptation and mitigation, discounting, uncertainty, policy instruments, and international agreements. Lectures can be combined with exercises, guided reading, or the building and application of an integrated assessment model. The book is accompanied by a website with background material, data, opinion pieces and videos. Although primarily intended for use in the classroom, anyone with an interest in climate policy can use this text as a reference.
Author: Sumner La Croix
Publisher: University of Chicago Press
ISBN: 022659209X
Category : Business & Economics
Languages : en
Pages : 405
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Book Description
Relative to the other habited places on our planet, Hawai‘i has a very short history. The Hawaiian archipelago was the last major land area on the planet to be settled, with Polynesians making the long voyage just under a millennium ago. Our understanding of the social, political, and economic changes that have unfolded since has been limited until recently by how little we knew about the first five centuries of settlement. Building on new archaeological and historical research, Sumner La Croix assembles here the economic history of Hawai‘i from the first Polynesian settlements in 1200 through US colonization, the formation of statehood, and to the present day. He shows how the political and economic institutions that emerged and evolved in Hawai‘i during its three centuries of global isolation allowed an economically and culturally rich society to emerge, flourish, and ultimately survive annexation and colonization by the United States. The story of a small, open economy struggling to adapt its institutions to changes in the global economy, Hawai‘i offers broadly instructive conclusions about economic evolution and development, political institutions, and native Hawaiian rights.
Author: Avi Goldfarb
Publisher: University of Chicago Press
ISBN: 022620684X
Category : Business & Economics
Languages : en
Pages : 510
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Book Description
There is a small and growing literature that explores the impact of digitization in a variety of contexts, but its economic consequences, surprisingly, remain poorly understood. This volume aims to set the agenda for research in the economics of digitization, with each chapter identifying a promising area of research. "Economics of Digitization "identifies urgent topics with research already underway that warrant further exploration from economists. In addition to the growing importance of digitization itself, digital technologies have some features that suggest that many well-studied economic models may not apply and, indeed, so many aspects of the digital economy throw normal economics in a loop. "Economics of Digitization" will be one of the first to focus on the economic implications of digitization and to bring together leading scholars in the economics of digitization to explore emerging research.
Author: Edward L. Glaeser
Publisher: University of Chicago Press
ISBN: 022680058X
Category : Business & Economics
Languages : en
Pages : 479
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Book Description
"Policy-makers often call for expanding public spending on infrastructure, which includes a broad range of investments from roads and bridges to digital networks that will expand access to high-speed broadband. Some point to near-term macro-economic benefits and job creation, others focus on long-term effects on productivity and economic growth. This volume explores the links between infrastructure spending and economic outcomes, as well as key economic issues in the funding and management of infrastructure projects. It draws together research studies that describe the short-run stimulus effects of infrastructure spending, develop new estimates of the stock of U.S. infrastructure capital, and explore the incentive aspects of public-private partnerships (PPPs). A salient issue is the treatment of risk in evaluating publicly-funded infrastructure projects and in connection with PPPs. The goal of the volume is to provide a reference for researchers seeking to expand research on infrastructure issues, and for policy-makers tasked with determining the appropriate level of infrastructure spending"--
