The Economic Theory Of Costs
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The Economic Theory Of Costs
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Author : Matthew McCaffrey
language : en
Publisher: Routledge
Release Date : 2017-09-01
The Economic Theory Of Costs written by Matthew McCaffrey and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-09-01 with Business & Economics categories.
The theory of costs is a cornerstone of economic thinking, and figures crucially in the study of human action and society. From the first day of a principles-level course to the most advanced academic literature, costs play a vital role in virtually all behaviors and economic outcomes. How we make choices, why we trade, and how we build institutions and social orders are all problems that can be explained in light of the costs we face. This volume explores, develops, and critiques the rich literature on costs, examining some of the many ways cost remains relevant in economic theory and practice. The book especially studies costs from the perspective of the Austrian or “causal-realist” approach to economics. The chapters integrate the history of economic thought with contemporary research, finding valuable crossroads between numerous traditions in economics. They examine the role of costs in theories of choice and opportunity costs; demand and income effects; production and distribution; risk and interest rates; uncertainty and production; monopsony; Post-Keynesianism; transaction costs; socialism and management; and social entrepreneurship. Together, these papers represent an update and restatement of a central element in the economic way of thinking. Each chapter reveals how the Austrian, causalrealist approach to costs can be used to solve an important problem or debate in economics. These chapters are not only useful for students learning these concepts for the first time: they are also valuable for researchers seeking to understand the unique Austrian perspective and those who want to apply it to new problems.
Theory Of Cost And Production Functions
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Author : Ronald William Shephard
language : en
Publisher: Princeton University Press
Release Date : 2016-04-19
Theory Of Cost And Production Functions written by Ronald William Shephard and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-19 with Business & Economics categories.
A sequel to his frequently cited Cost and Production Functions (1953), this book offers a unified, comprehensive treatment of these functions which underlie the economic theory of production. The approach is axiomatic for a definition of technology, by mappings of input vectors into subsets of output vectors that represent the unconstrained technical possibilities of production. To provide a completely general means of characterizing a technology, an alternative to the production function, called the Distance Function, is introduced. The duality between cost function and production function is developed by introducing a cost correspondence, showing that these two functions are given in terms of each other by dual minimum problems. The special class of production structures called Homothetic is given more general definition and extended to technologies with multiple outputs. Originally published in 1971. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Cost And Choice
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Author : James M. Buchanan
language : en
Publisher: University of Chicago Press
Release Date : 1978
Cost And Choice written by James M. Buchanan and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1978 with Business & Economics categories.
"As he usually does, Professor Buchanan has produced an interesting and provocative piece of work. [Cost and Choice] starts off as an essay in the history of cost theory; the central ideas of the book are traced to Davenport and Knight in the United States, and to a series of distinguished writers associated at various times with the London School of Economics. The author emerges from this discussion with what can be described as the ultimate in subjectivist cost doctrines. . . . Economists should learn the lessons offered to us in this little book—and learn them well. It can save them from serious errors."—William J. Baumol, Journal of Economic Literature
Foundations Of A Pure Cost Theory
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Author : Heinrich von Stackelberg
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-10-23
Foundations Of A Pure Cost Theory written by Heinrich von Stackelberg and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-23 with Business & Economics categories.
Heinrich von Stackelberg's book, "Grundlagen einer reinen Kostentheorie", published in 1932 was at the forefront of a growing conceptual revolution in the theory of the firm, a theory which appears more relevant than ever in today’s economic climate. In this work, Stackelberg masterfully built a theoretical framework which he later developed in Market Structure and Equilibrium. Foundations of a Pure Cost Theory represents the first translation of the original German version into English. This substantial book offers readers a critical and technical understanding of the firm, how firms function and the environments in which they operate. Fundamental notions of cost production, market economy, optimum position and velocities of production are given prominence. Ultimately, this work, which remains largely unknown, can be seen as a milestone text in our understanding of the strategies adopted by firms as a whole. The book has been meticulously translated from the German into English, retaining the author’s examples in their historical context and capturing the spirit of the time with all its subtlety and significance.
Cost Choice And Political Economy
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Author : Jack Wiseman
language : en
Publisher:
Release Date : 1989
Cost Choice And Political Economy written by Jack Wiseman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Business & Economics categories.
This book presents in one volume Professor Wiseman's seminal work on the theory of costs and the economist's treatment of the role of government. The major themes concern the subjectivity of costs and the unknowability of the future. From an initial scepticism about pricing rules, the arguments develop into a comprehensive critique of mainstream economic theory and, more positively, an exposition of the fundamentals of a new political economy grounded in choice-as-opportunity-cost.
Asking About Prices
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Author : Alan Blinder
language : en
Publisher: Russell Sage Foundation
Release Date : 1998-01-08
Asking About Prices written by Alan Blinder and has been published by Russell Sage Foundation this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-01-08 with Business & Economics categories.
Why do consumer prices and wages adjust so slowly to changes in market conditions? The rigidity or stickiness of price setting in business is central to Keynesian economic theory and a key to understanding how monetary policy works, yet economists have made little headway in determining why it occurs. Asking About Prices offers a groundbreaking empirical approach to a puzzle for which theories abound but facts are scarce. Leading economist Alan Blinder, along with co-authors Elie Canetti, David Lebow, and Jeremy B. Rudd, interviewed a national, multi-industry sample of 200 CEOs, company heads, and other corporate price setters to test the validity of twelve prominent theories of price stickiness. Using everyday language and pertinent scenarios, the carefully designed survey asked decisionmakers how prominently these theoretical concerns entered into their own attitudes and thought processes. Do businesses tend to view the costs of changing prices as prohibitive? Do they worry that lower prices will be equated with poorer quality goods? Are firms more likely to try alternate strategies to changing prices, such as warehousing excess inventory or improving their quality of service? To what extent are prices held in place by contractual agreements, or by invisible handshakes? Asking About Prices offers a gold mine of previously unavailable information. It affirms the widespread presence of price stickiness in American industry, and offers the only available guide to such business details as what fraction of goods are sold by fixed price contract, how often transactions involve repeat customers, and how and when firms review their prices. Some results are surprising: contrary to popular wisdom, prices do not increase more easily than they decrease, and firms do not appear to practice anticipatory pricing, even when they can foresee cost increases. Asking About Prices also offers a chapter-by-chapter review of the survey findings for each of the twelve theories of price stickiness. The authors determine which theories are most popular with actual price setters, how practices vary within different business sectors, across firms of different sizes, and so on. They also direct economists' attention toward a rationale for price stickiness that does not stem from conventional theory, namely a strong reluctance by firms to antagonize or inconvenience their customers. By illuminating how company executives actually think about price setting, Asking About Prices provides an elegant model of a valuable new approach to conducting economic research.
L S E Essays On Cost
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Author : London School of Economics and Political Science
language : en
Publisher: Weidenfeld & Nicolson
Release Date : 1973
L S E Essays On Cost written by London School of Economics and Political Science and has been published by Weidenfeld & Nicolson this book supported file pdf, txt, epub, kindle and other format this book has been release on 1973 with Business & Economics categories.
UK. Monograph comprising essays on the economic theory of cost, originally published between 1934 and 1960 by scholars associated with the london school of economics - covers cost accounting, etc. References.
The Economic Theory Of Price Indices
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Author : Franklin M. Fisher
language : en
Publisher: Academic Press
Release Date : 2014-05-10
The Economic Theory Of Price Indices written by Franklin M. Fisher and has been published by Academic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-05-10 with Business & Economics categories.
The Economic Theory of Price Indices: Two Essays on the Effects of Taste, Quality, and Technological Change is concerned with the effects of consumer taste, product quality, and technological change on price indices. Special attention is paid on technological change in the simple two-sector production model of Rybczynski and Uzawa. The effects of the general case of changing factor supplies and factor-augmenting change on the real national output deflator are also examined. Comprised of two essays, this book begins with an analysis of the pure theory of the true cost-of-living index, which may be considered as an idealization of indices like the consumer price index and others of that type. The essay explores how the true cost-of-living index is affected by changes in consumer taste, quality changes in purchased goods, and the introduction of new goods into the market place. The second essay deals with the pure theory of the national output deflator and provides a foundation for the measurement of real national output (or product). It shows that the usual inequalities relating Paasche and Laspeyres to the true index are reversed (from what they are in cost-of-living theory) for the case of production. It also assesses the implications of changing production possibilities caused by technological change or a change in factor supplies. This monograph will be a useful resource for mathematicians, economists, and others interested in economic theory and mathematical economics.
The Economics Of Transaction Costs
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Author : P. Rao
language : en
Publisher: Springer
Release Date : 2002-12-03
The Economics Of Transaction Costs written by P. Rao and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-12-03 with Business & Economics categories.
In modern economies a substantial proportion of resources is increasingly allocated to transaction costs. An improvement in the definition of transaction costs to include both the information role and efficiency role requires an integration of the approaches of positive economics and normative economics. In The Economics of Transaction Costs P.K.Rao provides a comprehensive analytical treatment of the subject and suggests a few directions for formal economic models.
Public Enterprise Economics
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Author : Dieter Bös
language : en
Publisher: Elsevier
Release Date : 2014-07-15
Public Enterprise Economics written by Dieter Bös and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-07-15 with Business & Economics categories.
Advanced Textbooks in Economics, Volume 23: Public Enterprise Economics: Theory and Application focuses on economics, mathematical economics, and econometrics, including microeconomics, marginal-cost pricing, taxes, and income effects. The manuscript takes a look at the essential parts of public sector pricing models, normative optimum theory, and normative piecemeal theory. Discussions focus on welfare improvements with non-tight constraints, welfare -improving increases of public inefficiency, conditions for optimal prices and quantities, compensating for income effects, and conditions for optimal quality. The book then ponders on marginal-cost pricing, Ramsey pricing, rate of return regulation, and pricing with distributional aims. Topics include comparing distributional and allocative pricing, prices versus taxes, optimum Ramsey policy, influence of Ramsey prices on allocation, distribution, and stabilization, and consequences for allocation, distribution, and stabilization. The publication examines bus and underground services in London, economic theory and empirical analysis, and different approaches towards optimal quality, including empirical studies on bus and underground demand, organizational and political history, and microeconomics of the representative consumer. The book is a valuable source of data for researchers interested in public enterprise economics.