Download or read book Uncertainty and Economic Evolution written by John L. Lott Jr. and published by Routledge. This book was released on 2005-06-23 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Uncertainty and Economic Evolution written by John R. Lott and published by Psychology Press. This book was released on 1997 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Uncertainty Evolution and Economic Theory written by Armen Albert Alchian and published by . This book was released on 1958 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Uncertainty Evolution and Behavioral Economic Theory written by Geoffrey A. Manne and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Keynes on Uncertainty and Tragic Happiness written by Anna M. Carabelli and published by Springer Nature. This book was released on 2021-07-23 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most economists who read the General Theory candidly admitted that they could not understand the theoretical apparatus and found it easy to recast it in traditional terms. This book provides a masterful guide to the generally unrecognized methodological revolution that supported the new theoretical concepts -- a veritable lodestone that complements and expands understanding on the treatment of the economic magnitudes appropriate to the ideal of generality in the social sciences, to the applicability of probability, to the formulation of decision-making under uncertainty, and the foundations of economic policy in interdependent economic systems. _Jan Kregel, Levy Economics Institute Anna Carabelli sets out Keynes’s understanding of economics as a way of thinking, encompassing method and morals, rather than as a doctrine. She does so with her customary admirable scholarship and also her willingness to take controversial positions. I commend the volume most highly to Keynes scholars as a drawing-together and development of the themes that Carabelli has pursued since the publication of her 1988 classic, On Keynes’s Method. Further Keynes’s approach was designed to be applied to different contexts, so I enthusiastically recommend the volume also as a foundation and guide for anyone open to such a ‘new way of reasoning in economics’ for the modern era. _Sheila Dow, University of Stirling This book examines the philosophy and methodology of Keynes, highlighting its novelty and how it presented a new form of economic reasoning. Exploring Keynes’s use of non-demonstrative logic, based on probability, commonalities are found in his economics, ethics, aesthetics, and international relations. Insights are provided into his reasoning and his approach to uncertainty, rationality, measurability of complex magnitudes, moral and rational dilemmas, and irreducible conflicts. This book investigates methodological continuity within Keynes’s work, in particular in relation to uncertainty, complexity, incommensurability, happiness and openness. It will be relevant to students and researchers interested in Keynes, probability, ambiguity, ethics and the history of economic thought.
Download or read book An Economist s Guide to Economic History written by Matthias Blum and published by Springer. This book was released on 2018-12-08 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
Download or read book Risk Uncertainty and Profit written by Frank H. Knight and published by Cosimo, Inc.. This book was released on 2006-11-01 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Hollywood Economics written by Arthur S. De Vany and published by Psychology Press. This book was released on 2004 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book An Evolutionary Theory of Economic Change written by Richard R. Nelson and published by Harvard University Press. This book was released on 1985-10-15 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Investment under Uncertainty Coalition Spillovers and Market Evolution in a Game Theoretic Perspective written by J.H.H Thijssen and published by Springer Science & Business Media. This book was released on 2006-04-11 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two crucial aspects of economic reality are uncertainty and dynamics. In this book, new models and techniques are developed to analyse economic dynamics in an uncertain environment. In the first part, investment decisions of firms are analysed in a framework where imperfect information regarding the investment's profitability is obtained randomly over time. In the second part, a new class of cooperative games, spillover games, is developed and applied to a particular investment problem under uncertainty: mergers. In the third part, the effect of bounded rationality on market evolution is analysed for oligopolistic competition and incomplete financial markets.
Download or read book The Evolution of Economic Institutions written by Geoffrey Martin Hodgson and published by Edward Elgar Publishing. This book was released on 2007-01-01 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume documents in a unique manner the momentum the institutionalist, evolutionary research agenda has regained over the past two decades. The thought-provoking contributions come from prominent authors with a rather heterogeneous theoretical background. Nonetheless, they all convene in elaborating on issues that have always been at the core of the institutionalist agenda and show how these issues relate to cutting edge research in modern economics. Ulrich Witt, Max Planck Institute of Economics, Jena, Germany This excellent EAEPE Reader brings together a range of perspectives on the role of institutions in economics. It is very well structured, with parts on microeconomics, macroeconomics, markets and economic evolution. Each part contains chapters written by renowned experts in their respective fields and there is an authoritative introductory chapter by the editor. This Reader is invaluable for economics students and academic economists wishing to better understand how institutions and individual behaviours interact in the economic system. Much of standard economic analysis either ignores institutions or makes overly restrictive assumptions about them the authors in this book show, persuasively, that economics, without an adequate treatment of institutions and institutional change, is of very little scientific worth. John Foster, The University of Queensland, Australia This is a great set of essays. To get the richness they contain, the reader must be already familiar with the broad orientation of the literature on economic institutions. Given that background, I can think of no collection or essays that frame, illuminate, and probe modern institutional economics as well as does this set. Geoffrey Hodgson, who chose the collection, and the authors of the essays, are to be congratulated and thanked. Richard R. Nelson, Columbia University, US It is now widely acknowledged that institutions are a crucial factor in economic performance. Major developments have been made in our understanding of the nature and evolution of economic institutions in the last few years. This book brings together some key contributions in this area by leading internationally renowned scholars including Paul A. David, Christopher Freeman, Alan P. Kirman, Jan Kregel, Brian J. Loasby, J. Stanley Metcalfe, Bart Nooteboom and Ugo Pagano. This essential reader covers topics such as the relationship between institutions and individuals, institutions and economic development, the nature and role of markets, and the theory of institutional evolution. The book not only outlines cutting-edge developments in the field but also indicates key directions of future research for institutional and evolutionary economics. Vital reading on one of the most dynamic and rapidly growing areas of research today, The Evolution of Economic Institutions will be of great interest to researchers, students and lecturers in economics and business studies.
Download or read book Mikroekonomija written by and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Evolution and Path Dependence in Economic Ideas written by Pierre Garrouste and published by Edward Elgar Publishing. This book was released on 2001-01-01 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the 1980s there has been a renewed interest in attempts to introduce a sense of history into economic literature. In this text, the authors argue that it is not possible to explain a state of the world without first analyzing the processes that lead to that state.
Download or read book Managing Uncertainty Evolution and Design in Behavioral Economic Analysis written by José Miguel Azpúrua Alfonzo and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The present work examines the evolutionary theories set forth by Armen Alchian in his 1950 paper, Uncertainty, Evolution and Economic Theory; and furthered by Geoffrey Manne and Todd Zywicki in their recent paper titled Uncertainty, Evolution, and Behavioral Economic Theory. Alchian's thesis relied on an evolutionary understanding of firms' activities in the context of uncertain settings, analyzing it through the lenses of 'evolution' and 'natural selection' in order to contend that for firms to 'survive' in the market, they would need to act 'as if' they are oriented towards profit maximization, regardless of whether or not they actually are. There are three underlying propositions in the present study: (i) Material rational behavior may not be automatically discarded in an environment where 'uncertainty' and 'asymmetry of information' are constant factors. (ii) Allocative efficiency may be influenced by a flux of environmental, individual and behavioral inputs, which are expressed in the prioritization sets that economic actors establish in order to formulate their utility functions. (iii) Manne & Zywicki's posture against the inclusion of volitive elements in Antitrust Enforcement is essentially wrong, as proven by analyzing the role of 'procompetitive justifications' in the enforcement of Antitrust rules. In sum, the present work concludes that Alchian's evolutionary theory does not account for the interpretation that economic actors render to the inputs generated in their respective market environments. Even as empirical models may render useful biases that positively inform the conduct of economic actors, the use of conventional analytical tools in a world of uncertainty and incomplete information does not account for a consistent formulation of useful predictions in ever-changing market environments.
Download or read book Investment under Uncertainty Coalition Spillovers and Market Evolution in a Game Theoretic Perspective written by J.H.H Thijssen and published by Springer. This book was released on 2013-04-18 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Keynes on Monetary Policy Finance and Uncertainty written by Jorg Bibow and published by Routledge. This book was released on 2013-03-01 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a reassessment of Keynes’ theory of liquidity preference. It argues that the failure of the Keynesian revolution to be made in either theory or practice owes importantly to the fact that the role of liquidity preference theory as a pivotal element in Keynes’ General Theory has remained underexplored and indeed widely misunderstood even among Keynes’ followers and until today. The book elaborates on and extends Keynes’ conceptual framework, moving it from the closed economy to the global economy context, and applies liquidity preference theory to current events and prominent hypotheses in global finance. Jörg Bibow presents Keynes’ liquidity preference theory as a distinctive and highly relevant approach to monetary theory offering a conceptual framework of general applicability for explaining the role and functioning of the financial system. He argues that, in a dynamic context, liquidity preference theory may best be understood as a theory of financial intermediation. Through applications to current events and prominent hypotheses in global finance, this book underlines the richness, continued relevance, and superiority of Keynes’ theory of liquidity preference; with Hyman Minsky standing out for developing Keynes’ vision of financial capitalism.
Download or read book Darwin s Conjecture written by Geoffrey M. Hodgson and published by University of Chicago Press. This book was released on 2010-12 with total page 303 pages. Available in PDF, EPUB and Kindle. Book excerpt: A theoretical study dealing chiefly with matters of definition and clarification of terms and concepts involved in using Darwinian notions to model social phenomena.
