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The Market As An Economic Process
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Book Synopsis The Market as an Economic Process by : Ludwig M. Lachmann
Download or read book The Market as an Economic Process written by Ludwig M. Lachmann and published by . This book was released on 2020-06-22 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is widely acknowledged among economists today that their discipline is in a state of some disarray. Behind the controversies particular to the times lies a fundamental crisis of thought, rooted in the increasingly apparent inadequacy of the neoclassical approach that has been dominant for some fifty years. The failure to impose such a formalistic framework has fostered the return from the wilderness of the subjectivist Austrian School of economics and renewed debate on the nature of markets and the predictability of economic phenomena. Until recently subjectivist economics has been largely ignored by mainstream economists. But as the dominant neoclassical, Keynesian, and monetarist approaches have each been championed in turn only to be found wanting at the end of the day, the Austrian approach has come to seem increasingly promising. In this book, first published in 1986 and now reprinted with a new foreword from Solomon M. Stein and Virgil Henry Storr, Ludwig M. Lachmann presents his case for viewing economic events as elements within an ongoing process dependent on human actions in a world where the future, though not unimaginable, is unknowable. In stark contrast to the mechanistic world view of mainstream orthodoxy, his perspective takes due account of the complex workings of the human mind. His insistence on the variety of ways in which markets may function warns against elevating any "process" theory to the levels of abstraction characteristic of neoclassical equilibrium theory. Drawing easily on the classics as well as the most recent theoretical developments, Lachmann sheds new light on each of the areas he discusses. Ludwig M. Lachmann (1906-1990) witnessed and participated in numerous controversies for over fifty years as a leading member of the Austrian School, while remaining receptive to ideas from a diversity of disciplines and schools of thought. He studied under F. A. Hayek at the London School of Economics in the 1930s, and was a distinguished member of the Austrian School of economics and has played an active part in its revival over the past ten years. His previous publications include Capital and its Structure (1956), The Legacy of Max Weber (1970), and Capital Expectations and the Market Process (1977).
Book Synopsis Prices and Knowledge by : Esteban F. Thomsen
Download or read book Prices and Knowledge written by Esteban F. Thomsen and published by Routledge. This book was released on 2002-01-22 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt: The growth of information economics has lead to a substantial re-consideration of the role of prices. Instead of the conventional neo-classical view of prices as straightforward indicators of scarcity, information economics emphasises that prices can be sources from which agents infer information and means by which they communicate. Prices and Knowledge analyses different theoretical approaches to the role of prices in situations of imperfect information. It shows that whilst the `informational efficiency' approach of Grossman and Stiglitz and the `bounded rationality theory' of Nelson and Simon are useful, neither goes far enough in considering situations of disequilibrium.
Book Synopsis The Meaning of the Market Process by : Israel M Kirzner
Download or read book The Meaning of the Market Process written by Israel M Kirzner and published by Routledge. This book was released on 2002-09-11 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: Israel Kirzner is the foremost proponent of the modern Austrian theory of the market process. This book offers substantive insights in support of this theory and a new historical interpretation of how the ideas of modern Austrians emerged.
Author :Peter J. Boettke, Professor, George Mason University Publisher :Rowman & Littlefield ISBN 13 :1786602024 Total Pages :302 pages Book Rating :4.7/5 (866 download)
Book Synopsis Interdisciplinary Studies of the Market Order by : Peter J. Boettke, Professor, George Mason University
Download or read book Interdisciplinary Studies of the Market Order written by Peter J. Boettke, Professor, George Mason University and published by Rowman & Littlefield. This book was released on 2017-05-31 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume brings together original research from the Austrian, Virginia, and Bloomington schools of political economy to analyse central elements of market process and market order.
Book Synopsis Capital, Expectations, and the Market Process by : Ludwig M. Lachmann
Download or read book Capital, Expectations, and the Market Process written by Ludwig M. Lachmann and published by Kansas City : Sheed Andrews and McMeel. This book was released on 1977 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Market relations and the competitive process by : Stan Metcalfe
Download or read book Market relations and the competitive process written by Stan Metcalfe and published by Manchester University Press. This book was released on 2018-07-30 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt: This electronic version has been made available under a Creative Commons (BY-NC-ND) open access license. There has been increasing interest and debate in recent years on the instituted nature of economic processes in general and the related ideas of the market, in particular the competitive process. This debate lies at the interface between two largely independent disciplines, economics and sociology, and reflects an attempt to bring the two fields of discourse more closely together. This book explores this interface in a number of ways, looking at the competitive process and market relations from a number of different perspectives. It includes a wide range of contributors, most of whom are leading writers and thinkers in the field. The book considers the social role of economic institutions in society and examines the various meanings embedded in the word 'markets', as well as developing arguments on the nature of competition as an instituted economic process, rather than as competition being something that disturbs norms or institutions. It goes on to consider the deeper and more involved connection between markets and cognition, explaining how institutions can ease cognitive difficulties, and the effect of culture on markets and competition is also fully studied. This book will be of vital use to students and academics working in the fields of economics, sociology and business studies. It sketches the agenda for future research about markets and the competitive process.
Book Synopsis The Economic Process by : Carmine Gorga
Download or read book The Economic Process written by Carmine Gorga and published by Rowman & Littlefield. This book was released on 2010 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book transports the reader from the world of mainstream economics, in which the object of observation is The Market (exchange), to a world in which the object of observation is the economic process. Both producer and consumer must, respectively, be legitimate owners of real wealth and monetary wealth.
Book Synopsis The Constitution of Markets by : Viktor Vanberg
Download or read book The Constitution of Markets written by Viktor Vanberg and published by Psychology Press. This book was released on 2001 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the institutional dimension of markets and the rules and institutions that condition the operation of market economies.
Book Synopsis Making Poor Nations Rich by : Benjamin Powell
Download or read book Making Poor Nations Rich written by Benjamin Powell and published by Stanford Economics & Finance. This book was released on 2008 with total page 488 pages. Available in PDF, EPUB and Kindle. Book excerpt: Making Poor Nations Rich illustrates the importance of institutions that support economic freedom and private property rights for promoting the form of productive entrepreneurship that leads to sustained increases in countries' standard of living.
Book Synopsis An Introduction to the Market System by : Kalman Goldberg
Download or read book An Introduction to the Market System written by Kalman Goldberg and published by M.E. Sharpe. This book was released on 2000 with total page 520 pages. Available in PDF, EPUB and Kindle. Book excerpt: Appendix 2: Determining Whether to Shut Down Production
Book Synopsis The Process of Economic Development by : James M. Cypher
Download or read book The Process of Economic Development written by James M. Cypher and published by Psychology Press. This book was released on 2004 with total page 574 pages. Available in PDF, EPUB and Kindle. Book excerpt: This textbook includes discussions of such topics as the environment, the debt case, export-led industrialization, import substitution industrialization, growth theory and technological capability.
Book Synopsis Evolution of the Market Process by : Michel Bellet
Download or read book Evolution of the Market Process written by Michel Bellet and published by Routledge. This book was released on 2004-10-07 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: This impressive volume centres on the relationship between Austrian and Swedish economics. Exploring themes such as capital theory, expectations, policy, market theory and the history of economic thought, this book makes for an interesting read. It will appeal across a wide range of disciplines within economics as well as the philosophy of social science.
Book Synopsis The Future of the Market by : Elmar Altvater
Download or read book The Future of the Market written by Elmar Altvater and published by Verso. This book was released on 1993-06-17 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: Considers the discordant state of the capitalist world in the 1990s, drawing on both green and socialist economies. Altvater's central concern is to examine the claims made for the market, both in the history of capitalism and in the globalized market economy.
Book Synopsis Creating the Market University by : Elizabeth Popp Berman
Download or read book Creating the Market University written by Elizabeth Popp Berman and published by Princeton University Press. This book was released on 2012-01-08 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Academic science in the U.S. once self-consciously avoided the market. But today it is seen as an economic engine that keeps the nation globally competitive. Creating the Market University compares the origins of biotech entrepreneurship, university patenting, and university-industry research centers to show how government decisions shaped by a new argument--that innovation drives the economy-transformed academic science"-- Provided by publisher.
Book Synopsis Money and the Economic Process by : Sheila C. Dow
Download or read book Money and the Economic Process written by Sheila C. Dow and published by Edward Elgar Publishing. This book was released on 1993 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: The common ground between money's role in the economic process at the regional, national and international levels has been highlighted by developments in Europe. Money and the Economic Process provides a theoretical perspective for understandin that role, and working out policy solutions within a changing behavioural and institutional environment.
Book Synopsis The Economic Organization by : Frank Hyneman Knight
Download or read book The Economic Organization written by Frank Hyneman Knight and published by Transaction Publishers. This book was released on 2013-07-31 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: When originally released, Frank Hyneman Knight’s The Economic Organization revitalized the teaching of economic theory in America during the 1930s, laying the foundation for the price theory revolution led by economists emerging from Knight’s circle at The University of Chicago. Knight shows that when societies choose to allow market organization, their economy simultaneously solves the fundamental functions of valuation and efficiency. It also organizes the production and distribution of resources, providing incentives for progress. The Economic Organization provides a short introduction to the basic principles of supply, demand, and distribution that emerge from neoclassical price theory. The central role of the price mechanism in market organization is illustrated neatly by Knight’s "wheel of wealth"—the circular flow diagram most often identified with macroeconomic flows, but introduced here for price theoretic reasons. This version also includes his essay on "Utility and Cost," which provides a seamlessly integrated alternative-cost interpretation of neoclassical theory. This expanded edition of The Economic Organization includes a new introduction by Ross B. Emmett, which expands upon the short note on capital theory inserted in the original. Knight wrote three versions of the note for student use, and all three are included in the second chapter. Few books have changed the landscape of American economics and economic education as much as Knight’s The Economic Organization. This book should be read by all economists, historians, and policy makers.
Book Synopsis Process Industry Economics by : David Brennan
Download or read book Process Industry Economics written by David Brennan and published by Elsevier. This book was released on 2020-05-18 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: Process Industry Economics: Principles, Concepts and Applications, Second Edition, explores the fundamentals of market evaluation, capital and operating cost estimation, and profitability evaluation, along with their implications for process technology evaluation, project development and investment decisions. Sections cover time dependent technology evolution in process plants, including scale development, performance improvement in new and operating plants, and learning related to environmental, safety and sustainability assessments. Influences on capital investment decisions, including capacity planning and environmental considerations are explored and supported by case studies. Finally, the aspects of overall industry performance and drivers are discussed. Outlines the basic principles of economic evaluation Identifies the roles of engineering, scientific, commercial and management personnel in contributing to economic evaluation Explores the interaction of economics with safety, environmental and sustainability criteria in project evaluation
