The Economic Theory Of Costs

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The Economic Theory of Costs

Author : Matthew McCaffrey
Publisher : Routledge
ISBN 13 : 1317207637
Total Pages : 269 pages
Book Rating : 4.3/5 (172 download)

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Book Synopsis The Economic Theory of Costs by : Matthew McCaffrey

Download or read book The Economic Theory of Costs written by Matthew McCaffrey and published by Routledge. This book was released on 2017-09-01 with total page 269 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Foundations of a Pure Cost Theory

Author : Heinrich von Stackelberg
Publisher : Springer Science & Business Media
ISBN 13 : 3642345379
Total Pages : 142 pages
Book Rating : 4.6/5 (423 download)

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Book Synopsis Foundations of a Pure Cost Theory by : Heinrich von Stackelberg

Download or read book Foundations of a Pure Cost Theory written by Heinrich von Stackelberg and published by Springer Science & Business Media. This book was released on 2013-10-23 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 and Choice

Author : James M. Buchanan
Publisher : University of Chicago Press
ISBN 13 : 0226078183
Total Pages : 120 pages
Book Rating : 4.2/5 (26 download)

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Book Synopsis Cost and Choice by : James M. Buchanan

Download or read book Cost and Choice written by James M. Buchanan and published by University of Chicago Press. This book was released on 1978 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: "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

Theory of Cost and Production Functions

Author : Ronald William Shephard
Publisher : Princeton University Press
ISBN 13 : 0691647526
Total Pages : 320 pages
Book Rating : 4.6/5 (916 download)

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Book Synopsis Theory of Cost and Production Functions by : Ronald William Shephard

Download or read book Theory of Cost and Production Functions written by Ronald William Shephard and published by Princeton University Press. This book was released on 2016-04-19 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Theory of Production and Cost

Author : Günter Fandel
Publisher : Springer Science & Business Media
ISBN 13 : 3642768121
Total Pages : 415 pages
Book Rating : 4.6/5 (427 download)

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Book Synopsis Theory of Production and Cost by : Günter Fandel

Download or read book Theory of Production and Cost written by Günter Fandel and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 415 pages. Available in PDF, EPUB and Kindle. Book excerpt: Production theory and the theory of cost both belong to the central areas of business administration, for all considerations concerning the economic organization of industrial manufacturing processes start from these. Two developments in the past 30 years have had a considerable influence on the structure and the concentration on points of emphasis in this book. I am referring to findings from KOOPMANS' activity analysis and to the formulation by GUTENBERG of a production function concept that focuses on industrial production processes. Activity analysis has made it possible to develop, from a uniform approach, different types of production functions which describe the concrete principles of production in the productive sector of a business enterprise; this has created a common basis for all production concepts in business administration. The Gutenberg Production Function with its different kinds of adjustment to a changing output has opened up a flexibility to theoretical and practical considerations that gave rise to a large number of additional studies in this area. Considerations in cost theory were in particular need of considerable extensions in the direction of cost minimal combined adjustment processes. By means of the organization of its contents, this book will take both approaches into due account. In that way, it is vastly different from other books dealing with the same subject. As a matter of course, traditional analytical methods and ways of thinking also constitute a large part of the book.

The Economics of Transaction Costs

Author : P. Rao
Publisher : Springer
ISBN 13 : 0230597688
Total Pages : 197 pages
Book Rating : 4.2/5 (35 download)

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Book Synopsis The Economics of Transaction Costs by : P. Rao

Download or read book The Economics of Transaction Costs written by P. Rao and published by Springer. This book was released on 2002-12-03 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

The Transaction Cost Economics Project

Author : Oliver E. Williamson
Publisher : Edward Elgar Publishing
ISBN 13 : 9780857938770
Total Pages : 0 pages
Book Rating : 4.9/5 (387 download)

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Book Synopsis The Transaction Cost Economics Project by : Oliver E. Williamson

Download or read book The Transaction Cost Economics Project written by Oliver E. Williamson and published by Edward Elgar Publishing. This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Transaction cost economics has and continues to be a fruitful area of research. There is still much to be done in the field with past research being used in conjunction with the vast number of contractual phenomena that have yet to be investigated in transaction cost economics terms. New challenges are posed by the need to move beyond the design of new contractual instruments (such as financial derivatives) to include an examination of the lurking hazards that attend contract implementation.

The Collected Works of James M. Buchanan

Author : James M. Buchanan
Publisher :
ISBN 13 : 9780865972520
Total Pages : 220 pages
Book Rating : 4.9/5 (725 download)

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Book Synopsis The Collected Works of James M. Buchanan by : James M. Buchanan

Download or read book The Collected Works of James M. Buchanan written by James M. Buchanan and published by . This book was released on 2002 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: An index to the series "The Collected works of James M. Buchanan."

The Theory of Cost-benefit Analysis

Author : Jean Drèze
Publisher :
ISBN 13 :
Total Pages : 280 pages
Book Rating : 4.:/5 (323 download)

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Book Synopsis The Theory of Cost-benefit Analysis by : Jean Drèze

Download or read book The Theory of Cost-benefit Analysis written by Jean Drèze and published by . This book was released on 1985 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Nature of the Firm

Author : Oliver E. Williamson
Publisher : Oxford University Press, USA
ISBN 13 : 9780195083569
Total Pages : 260 pages
Book Rating : 4.0/5 (835 download)

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Book Synopsis The Nature of the Firm by : Oliver E. Williamson

Download or read book The Nature of the Firm written by Oliver E. Williamson and published by Oxford University Press, USA. This book was released on 1993 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume features a series of essays which arose from a conference on economics, addressing the question: what is the nature of the firm in economic analysis? This paperback edition includes the Nobel Lecture of R.N. Case.

Asking About Prices

Author : Alan Blinder
Publisher : Russell Sage Foundation
ISBN 13 : 1610440684
Total Pages : 412 pages
Book Rating : 4.6/5 (14 download)

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Book Synopsis Asking About Prices by : Alan Blinder

Download or read book Asking About Prices written by Alan Blinder and published by Russell Sage Foundation. This book was released on 1998-01-08 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

The Theory of Competitive Price

Author : George Joseph Stigler
Publisher :
ISBN 13 :
Total Pages : 216 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis The Theory of Competitive Price by : George Joseph Stigler

Download or read book The Theory of Competitive Price written by George Joseph Stigler and published by . This book was released on 1946 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Overhead Cost and the Shift to Machinery

Author : Donald Dwight Kennedy
Publisher :
ISBN 13 :
Total Pages : 122 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Overhead Cost and the Shift to Machinery by : Donald Dwight Kennedy

Download or read book Overhead Cost and the Shift to Machinery written by Donald Dwight Kennedy and published by . This book was released on 1928 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Economic Decision Making Using Cost Data

Author : Daniel Marburger
Publisher : Business Expert Press
ISBN 13 : 1606495135
Total Pages : 138 pages
Book Rating : 4.6/5 (64 download)

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Book Synopsis Economic Decision Making Using Cost Data by : Daniel Marburger

Download or read book Economic Decision Making Using Cost Data written by Daniel Marburger and published by Business Expert Press. This book was released on 2013-08-01 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt: A firm maximizes profits if each decision adds more to the firm’s revenue than to its costs. Although the concept sounds rather simple, it is difficult to do in practice. To ease this difficulty, the authors are giving you the inside knowledge to “economic theory.” This book will help you understand economic theory and much more to accurately infer changes in revenues that may be associated with a decision. And since economic theory suggests that the costs reported by accountants rarely reflect the true cost associated with the decision, this book will help you understand how to assess the changes in revenues and costs. Demand and price sensitivity analysis allow you to infer revenue changes, and this book helps you reconcile the economic theory of cost with common accounting practices so the differences can be reconciled and better decisions can be made.

Economic Theory

Author : Gary S Becker
Publisher : Routledge
ISBN 13 : 1351327674
Total Pages : 243 pages
Book Rating : 4.3/5 (513 download)

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Book Synopsis Economic Theory by : Gary S Becker

Download or read book Economic Theory written by Gary S Becker and published by Routledge. This book was released on 2017-09-08 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt: Others might have called this book Micro Theory or Price Theory. Becker's choice of Economic Theory as the title for his book reflects his deep belief that there is only one kind of economic theory, not separate theories for micro problems, macro problems, non-market decisions, and so on. Indeed, as he notes, the most promising development in recent years in the literature on large scale economic problems such as unemployment has been the increasing reliance on utility maximization, a concept generally identified with microeconomics. Microeconomics is the subject matter of this volume, but it is emphatically not confined to microeconomics in the literal sense of micro units like firms or households. Becker's main interest is in market behavior of aggregations of firms and households. Although important inferences are drawn about individual firms and households, the author tries to understand aggregate responses to changes in basic economic parameters like tax rates, tariff schedules, technology, or antitrust provisions. His discussion is related to the market sector in industrialized economies, but the principles developed are applied to other sectors and different kinds of choices. Becker argues that economic analysis is essential to understand much of the behavior traditionally studied by sociologists, anthropologists, and other social scientists. The broad definition of economics in terms of scarce means and competing ends is taken seriously and should be a source of pride to economists since it provides insights into a wide variety of problems. Practically all statements proved mathematically are also provided geometrically or verbally in the body of the text.

Cost and Production Functions

Author : R.W. Shephard
Publisher : Springer Science & Business Media
ISBN 13 : 3642515789
Total Pages : 116 pages
Book Rating : 4.6/5 (425 download)

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Book Synopsis Cost and Production Functions by : R.W. Shephard

Download or read book Cost and Production Functions written by R.W. Shephard and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study is the result of an interest in the economic theory of production intermittently pursued during the past three years. Over this period I have received substantial support from the Office of Naval Research, first from a personal service consulting contract directly with the Mathematics Division of the Office of Naval Research and secondly from Project N6 onr-27009 at Princeton Univer sity under the direction of Professor Oskar Morgenstern. Grateful acknowledgement is made to the ·Office of Naval Research for this support and to Professor Morgenstern, in particular, for his interest in the puolication of this research. The responsibility for errors and omissions, how ever, rests entirely upon the author. Professor G. C. Evans has given in terms of a simple total cost function, depending solely upon output rate, a treatment of certain aspects of the economic theory of production which has inherent generality and convenience of formulation. The classical approach of expressing the technology of production by means of a production function is potentially less restrictive than the use of a simple total cost function, but it has not been applied in a more general form other than to derive the familiar conditions between marginal productivities of the factors of produc tion and their market prices.

The Theory of the Firm

Author : Daniel F. Spulber
Publisher : Cambridge University Press
ISBN 13 : 0521517389
Total Pages : 542 pages
Book Rating : 4.5/5 (215 download)

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Book Synopsis The Theory of the Firm by : Daniel F. Spulber

Download or read book The Theory of the Firm written by Daniel F. Spulber and published by Cambridge University Press. This book was released on 2009-04-13 with total page 542 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Theory of the Firm presents an innovative general analysis of the economics of the firm.