UID:
almahu_9949383838702882
Format:
1 online resource (285 pages) :
,
illustrations
ISBN:
9781317207634
,
1317207637
,
1317207645
,
9781317207641
,
9781315617336
,
1315617331
,
9781317207627
,
1317207629
Series Statement:
Routledge frontiers of political economy ; 236
Content:
The theory of costs is a cornerstone of economic thinking, and it plays a vital role 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 the many roles cost plays 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 historical work 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 essays represent an update and restatement of a central element in the economic way of thinking. Each chapter reveals how the Austrian, causal-realist approach to thinking about 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
Note:
Chapter Introduction: the economic theory of costs in perspective /
,
part Part 1 Cost and choice --
,
chapter 1 Contemporary debates on opportunity cost theory and pedagogy /
,
chapter 2 The 2income effect3 in causal-realist price theory /
,
part Part 2 The evolution of causal-realist production theory --
,
chapter 3 From Marshallian partial equilibrium to Austrian general equilibrium: the evolution of Rothbard's production theory /
,
chapter 4 Man, economy, and state, original chapter 5: producer's activity /
,
part Part 3 Risk, uncertainty, and cost --
,
chapter 5 The myth of the risk premium /
,
chapter 6 Time and the theory of cost /
,
part Part 4 Causal-realist price theory: debate and synthesis --
,
chapter 7 Monopsony theory revisited /
,
chapter 8 Costs and pricing: an Austro-Post-Keynesian synthesis? /
,
part Part 5 Economic organization, entrepreneurship, and the firm --
,
chapter 9 Austrian economics and transaction cost economics: notes on a doubtful compatibility /
,
chapter 10 Management is what's wrong with socialism: cost at the expense of value /
,
chapter 11 Economic calculation and the limits of social entrepreneurship /
Additional Edition:
ISBN 9781138670938
Language:
English
Keywords:
Electronic books.
;
Electronic books.
URL:
https://www.taylorfrancis.com/books/9781315617336
