Understanding and Maximizing America's Evolutionary Economy
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Managerial Economics Unit 6: Oligopoly
Managerial Economics Unit 6: Oligopoly Rudolf Winter-Ebmer Johannes Kepler University Linz Summer Term 2019 Managerial Economics: Unit 6 - Oligopoly1 / 45 OBJECTIVES Explain how managers of firms that operate in an oligopoly market can use strategic decision-making to maintain relatively high profits Understand how the reactions of market rivals influence the effectiveness of decisions in an oligopoly market Managerial Economics: Unit 6 - Oligopoly2 / 45 Oligopoly A market with a small number of firms (usually big) Oligopolists \know" each other Characterized by interdependence and the need for managers to explicitly consider the reactions of rivals Protected by barriers to entry that result from government, economies of scale, or control of strategically important resources Managerial Economics: Unit 6 - Oligopoly3 / 45 Strategic interaction Actions of one firm will trigger re-actions of others Oligopolist must take these possible re-actions into account before deciding on an action Therefore, no single, unified model of oligopoly exists I Cartel I Price leadership I Bertrand competition I Cournot competition Managerial Economics: Unit 6 - Oligopoly4 / 45 COOPERATIVE BEHAVIOR: Cartel Cartel: A collusive arrangement made openly and formally I Cartels, and collusion in general, are illegal in the US and EU. I Cartels maximize profit by restricting the output of member firms to a level that the marginal cost of production of every firm in the cartel is equal to the market's marginal revenue and then charging the market-clearing price. F Behave like a monopoly I The need to allocate output among member firms results in an incentive for the firms to cheat by overproducing and thereby increase profit. -
Working Paper No. 39, Neoliberalism As a Variant of Capitalism
Portland State University PDXScholar Working Papers in Economics Economics 12-12-2019 Working Paper No. 39, Neoliberalism as a Variant of Capitalism Justin Pilarski Portland State University Follow this and additional works at: https://pdxscholar.library.pdx.edu/econ_workingpapers Part of the Economic History Commons, and the Economic Theory Commons Let us know how access to this document benefits ou.y Citation Details Pilarski, Justin "Neoliberalism as a Variant of Capitalism, Working Paper No. 39", Portland State University Economics Working Papers. 39. (12 December 2019) i + 14 pages. This Working Paper is brought to you for free and open access. It has been accepted for inclusion in Working Papers in Economics by an authorized administrator of PDXScholar. Please contact us if we can make this document more accessible: [email protected]. Neoliberalism as a Variant of Capitalism Working Paper No. 39 Authored by: Justin Pilarski A Contribution to the Working Papers of the Department of Economics, Portland State University Submitted for: EC445 “Comparative Economic Systems” 12 December 2019; i + 14 pages Prepared for Professor John Hall Abstract: Economic systems evolve over time in adapting to the needs and deficiency of the system. This inquiry seeks to establish Neoliberalism as—in the language of Barry Clark—a variant of capitalism that evolved out of retaliation of the regulated variant of capitalism. We utilize Barry Clark’s work on the evolution of economic systems in establishing the pattern of adaptation in American capitalism. Then we establish and analyze the neoliberal variant of capitalism in how this evolution retaliated against the existing system rather than adapting the preceding variant. -
Micro-Foundations for Innovation Policy WRR Verkenningen 18 - 3 07-04-2008 13:08 Pagina 2
WRR Verkenningen 18 - 3 07-04-2008 13:08 Pagina 1 Micro-foundations for Innovation Policy WRR Verkenningen 18 - 3 07-04-2008 13:08 Pagina 2 The series ‘Verkenningen’ comprises studies commissioned by the wrr that are deemed to be of such quality and importance that their publication is desirable. Responsibility for the contents and views expressed therein remains that of the authors. Scientific Council for Government Policy (wrr) Lange Vijverberg 4-5 P.O. Box 20004 2500 EA The Haque Tel. + 31 70 356 46 00 Fax+ 31 70 356 46 85 E-mail: [email protected] Internet: http://www.wrr.nl WRR Verkenningen 18 - 3 07-04-2008 13:08 Pagina 3 SCIENTIFIC COUNCIL FOR GOVERNMENT POLICY Micro-foundations for Innovation Policy B. Nooteboom and E. Stam (eds.) Amsterdam University Press, Amsterdam 2008 WRR Verkenningen 18 - 3 07-04-2008 13:08 Pagina 4 Front cover illustration: Wassily Kandinsky, Offenes Grün (1923), Roethel t. 11 n0. 704, p. 658 Cover design: Studio Daniëls, Den Haag Layout: Het Steen Typografie, Maarssen isbn 978 90 5356 582 7 nur 741 / 754 © wrr / Amsterdam University Press, The Hague / Amsterdam 2008 All rights reserved. Without limiting the rights under copyright reserved above, no part of this book may be reproduced, stored in or introduced into a retrieval system, or transmit- ted, in any form or by any means (electronic, mechanical, photocopying, recording or otherwise) without the written permission of both the copyright owner and the author of the book. WRR Verkenningen 18 - 3 07-04-2008 13:08 Pagina 5 contents contents Preface 11 Executive -
Evolutionary Economics Geoffrey M
Course Description Evolutionary Economics Geoffrey M. Hodgson www.geoffrey-hodgson.info [email protected] YSI Workshop Antalya @ Turkish Economic Association Conference Antalya, Turkey 16-17 October 2014 16 October from 9am to 12.30pm 9am Lecture 1: “The terrain of evolutionary economics” This lecture will explore the extent of modern “evolutionary” economics, the key works and authors that have been most inspirational for it, its wide influence in theory and policy, and its links with mainstream economics and other disciplines. 11am Lecture 2: “Communality and differences within evolutionary economics” This lecture will consider the main shared assumptions and concerns within “evolutionary economics” and also show how some internal disputes are founded on different assumptions concerning the objects of study. 17 October from 9am to 12.30pm 9am Lecture 3: “Generalizing Darwinism” This lecture will consider the search for general principles that govern socio-economic evolution. The idea of using generalised Darwinian principles is addressed, along with some objections to this approach. 11am Lecture 4: “The evolution of moral sentiments” This lecture will address another new strain of thinking within “evolutionary economics” that explores the implications of (broadly Darwinian) evolutionary theory in other disciplines (such as anthropology and psychology) for our understanding of such issues as human motivation and economic organization. 1 Reading COMPULSORY READING Bowles, Samuel and Gintis, Herbert (2005) ‘Can Self-Interest Explain Cooperation?’ Evolutionary and Institutional Economics Review, 2(1), October, pp. 21-41. Aldrich, Howard E., Geoffrey M. Hodgson, David L. Hull, Thorbjørn Knudsen, Joel Mokyr and Viktor J. Vanberg (2008) ‘In Defence of Generalized Darwinism’, Journal of Evolutionary Economics, 18(5), October, pp. -
The Market Structure of Higher Learning
The Park Place Economist Volume 4 Issue 1 Article 16 5-1996 The Market Structure of Higher Learning Brett Roush '97 Follow this and additional works at: https://digitalcommons.iwu.edu/parkplace Recommended Citation Roush '97, Brett (1996) "The Market Structure of Higher Learning," The Park Place Economist: Vol. 4 Available at: https://digitalcommons.iwu.edu/parkplace/vol4/iss1/16 This Article is protected by copyright and/or related rights. It has been brought to you by Digital Commons @ IWU with permission from the rights-holder(s). You are free to use this material in any way that is permitted by the copyright and related rights legislation that applies to your use. For other uses you need to obtain permission from the rights-holder(s) directly, unless additional rights are indicated by a Creative Commons license in the record and/ or on the work itself. This material has been accepted for inclusion by faculty at Illinois Wesleyan University. For more information, please contact [email protected]. ©Copyright is owned by the author of this document. The Market Structure of Higher Learning Abstract A student embarking on a college search is astounded at the number of higher learning institutions available -- an initial response may be to consider their market structure as one of perfect competition. Upon fkrther consideration, though, one sees this is inaccurate. In fact, the market structure of higher learning incorporates elements of monopolistic competition, oligopoly, and monopoly. An institution may not explicitly be a profit maximizer. However, treating it as such allows predictions of actions to be made by applying the above three market structures. -
East Asia in the Information Economy Opportunities and Challenges
East Asia in the Information Economy Opportunities and challenges Jamus Jerome Lim Jamus Jerome Lim is at the Regional Economic Studies Institute of Southeast Asian Studies, Pasir Panjang, Singapore. Keywords Information, Economy, East Asia, information revolution. The reality of the situation is likely to Information technology fall between the extremes of limitless opportunity and Abstract The Information Economy has captured the impossible challenges. This essay seeks to mop away imagination of all levels of society. Yet very often, analyses tend excessive hype and scepticism and to draw lessons from to reflect personal biases or propose incredulous scenarios. objective analysis, based on a multidisciplinary approach. This essay does not seek to rewrite old rules for a new economy; rather, it seeks to provide a balanced perspective on The information economy landscape in East opportunities and challenges facing East Asia, using a Asia multidisciplinary approach. It finds that although these countries The economies of East Asia are a unique as they are diverse. differ in their levels of development in the Information Economy, their prospects of growth depend on the policies that they They range from those seeking to pursue the siren song of choose to pursue. Deliberations on economic issues &such as development to those whose levels of development rival the the potential for productivity gains from ICT), political concerns very best in the world; from economies that have embraced &including the need to cope with changing government-people laissez-faire to those that are now in the throes of transition. dynamics), and social changes &such as the diminution of local In terms of their progress in embracing the Information cultures and the widening digital divide) often involve both costs Economy, however, the economies show a greater degree of as well as benefits. -
Technology, Development and Economic Crisis: the Schumpeterian Legacy
CIMR Research Working Paper Series Working Paper No. 23 Technology, development and economic crisis: the Schumpeterian legacy by Rinaldo Evangelista University of Camerino Piazza Cavour, 19/F, 62032 Camerino (IT) +39-0737-403074 [email protected] June 2015 ISSN 2052-062X Abstract This contribution aims at highlighting the complex, non-linear and potentially contradictory nature of the relationships between technological progress, economic growth and social development, in particular within the context of market based economies. The main (provocative) argument put forward in the paper is that the recent neo-Schumpeterian literature, while providing fundamental contributions to our understanding of innovation, has contributed to the rising of a positivistic reading of the relationship between technology, economy and society, with technology being able to guaranty strong economic growth and (implicitly) social welfare. This is confirmed by the fact that, contrary to other influential heterodox economic schools and Schumpeter himself, in the recent neo- Schumpeterian literature technology is only rarely associated to macroeconomic market failures such as systemic crises, structural unemployment, and the growth of social and economic inequalities. It is also argued that the emergence of a “positivistic bias” in the neo-Schumpeterian literature has been associated to the dominance of a supply-side and micro-based view of the technology-economy relationships. Key words: Technology, Innovation, Schumpeter, Development, Crisis JEL codes: B52, O00, O30. 2 1. Introduction There is no doubt that the last economic crisis, with its depth, extension and length, could have, at least in principle, the potentiality of shaking at the fundamentals the dominant neo-liberal economic thinking and policy framework. -
The Socialization of Investment, from Keynes to Minsky and Beyond
Working Paper No. 822 The Socialization of Investment, from Keynes to Minsky and Beyond by Riccardo Bellofiore* University of Bergamo December 2014 * [email protected] This paper was prepared for the project “Financing Innovation: An Application of a Keynes-Schumpeter- Minsky Synthesis,” funded in part by the Institute for New Economic Thinking, INET grant no. IN012-00036, administered through the Levy Economics Institute of Bard College. Co-principal investigators: Mariana Mazzucato (Science Policy Research Unit, University of Sussex) and L. Randall Wray (Levy Institute). The author thanks INET and the Levy Institute for support of this research. The Levy Economics Institute Working Paper Collection presents research in progress by Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals. Levy Economics Institute of Bard College, founded in 1986, is a nonprofit, nonpartisan, independently funded research organization devoted to public service. Through scholarship and economic research it generates viable, effective public policy responses to important economic problems that profoundly affect the quality of life in the United States and abroad. Levy Economics Institute P.O. Box 5000 Annandale-on-Hudson, NY 12504-5000 http://www.levyinstitute.org Copyright © Levy Economics Institute 2014 All rights reserved ISSN 1547-366X Abstract An understanding of, and an intervention into, the present capitalist reality requires that we put together the insights of Karl Marx on labor, as well as those of Hyman Minsky on finance. The best way to do this is within a longer-term perspective, looking at the different stages through which capitalism evolves. -
Ontological Issues in Evolutionary Economics: the Debate Between Generalized Darwinism and the Continuity Hypothesis
# 0805 Ontological issues in evolutionary economics: The debate between Generalized Darwinism and the Continuity Hypothesis by Jack Vromen The Papers on Economics and Evolution are edited by the Evolutionary Economics Group, MPI Jena. For editorial correspondence, please contact: [email protected] Max Planck Institute of Economics ISSN 1430-4716 Evolutionary Economics Group Kahlaische Str. 10 © by the author 07745 Jena, Germany Fax: ++49-3641-686868 #0805 Ontological issues in evolutionary economics: The debate between Generalized Darwinism and the Continuity Hypothesis Jack Vromen EIPE Erasmus University Rotterdam (second draft, June 2008)1 1 I want to thank Ulrich Witt for helpful comments on an earlier draft. 1 #0805 Introduction Recently evolutionary economists started to pay attention to ontological issues in their own subfield. Two projects dominate the discussions: Generalized Darwinism (henceforth: GD), promoted by Geoff Hodgson and Thorbjørn Knudsen, and the Continuity Hypothesis (henceforth: CH), put forward by Ulrich Witt. As a first and crude approximation (to be refined below), GD entails the view that abstract and general Darwinian principles suit the study of biological evolution and of economic evolution equally well. The CH entails the view that ongoing economic evolution proceeds on the basis of, and is still influenced by the outcomes of preceding processes of biological evolution. At present, GD and CH are vying for hegemony in the community of evolutionary economists. GD and the CH sometimes are pitted against each other as if they were mutually excluding rivals. This paper investigates to what extent (and if so, in what sense) GD and the CH are rivals. As we shall see, part of the debate between proponents of GD and of the CH is about the very notion of ontology itself. -
Evolutionary Economics - Geoffrey M
FUNDAMENTAL ECONOMICS - Evolutionary Economics - Geoffrey M. Hodgson EVOLUTIONARY ECONOMICS Geoffrey M. Hodgson University of Hertfordshire Business School, Hatfield, Hertfordshire Al10 0ab, UK Keywords: Evolution, Economics, Novelty, Innovation, Darwinism, Variation, Selection, Replication, Game Theory. Contents 1. Introduction 2. The Emergence of Evolutionary Economics 3. First Principles and Shared Concerns 4. Different Evolutionary Approaches 5. The Search for General Evolutionary Principles 6. Evolutionary and Mainstream Economics Compared 7. Evolutionary Economics and Evolutionary Game Theory 8. Conclusion: Prospects for Evolutionary Economics Acknowledgements Glossary Bibliography References Biographical Sketch Summary Historically, a number of approaches in economics, including works by Adam Smith, Karl Marx, Carl Menger, Alfred Marshall, Thorstein Veblen, Joseph Schumpeter, and Friedrich Hayek, have been described as ‘evolutionary’. This is legitimate, because ‘evolutionary’ is a very broad word, loosely denoting concern with transformation, innovation and development. But today the term ‘evolutionary economics’ is more typically associated with a new wave of theorizing signaled by the seminal work of Richard Nelson and Sidney Winter in their Evolutionary Theory of Economic Change (1982). Although there is not yet any consensus on core principles, this wave of evolutionary thinking has given rise to a number of policy developments and has proved to be influentialUNESCO in a number of sub-disciplines, – inEOLSS business schools and in institutions concerned with science and innovation policy. Citation and other bibliometric studies show that despite its internal diversity, modern evolutionary economics has created a global network of identifiable interacting researchers. As well as discussing these background issues,SAMPLE this essay turns to theore CHAPTERStical principles and outlines some of the shared common assumptions of this broad approach. -
Total Cost and Profit
4/22/2016 Total Cost and Profit Gina Rablau Gina Rablau - Total Cost and Profit A Mini Project for Module 1 Project Description This project demonstrates the following concepts in integral calculus: Indefinite integrals. Project Description Use integration to find total cost functions from information involving marginal cost (that is, the rate of change of cost) for a commodity. Use integration to derive profit functions from the marginal revenue functions. Optimize profit, given information regarding marginal cost and marginal revenue functions. The marginal cost for a commodity is MC = C′(x), where C(x) is the total cost function. Thus if we have the marginal cost function, we can integrate to find the total cost. That is, C(x) = Ȅ ͇̽ ͬ͘ . The marginal revenue for a commodity is MR = R′(x), where R(x) is the total revenue function. If, for example, the marginal cost is MC = 1.01(x + 190) 0.01 and MR = ( /1 2x +1)+ 2 , where x is the number of thousands of units and both revenue and cost are in thousands of dollars. Suppose further that fixed costs are $100,236 and that production is limited to at most 180 thousand units. C(x) = ∫ MC dx = ∫1.01(x + 190) 0.01 dx = (x + 190 ) 01.1 + K 1 Gina Rablau Now, we know that the total revenue is 0 if no items are produced, but the total cost may not be 0 if nothing is produced. The fixed costs accrue whether goods are produced or not. Thus the value for the constant of integration depends on the fixed costs FC of production. -
The Information Economy: an Evolution of Approaches
INFORMATION AND ORGANISATION A Tribute to the Work of Don Lamberton S. Macdonald and J. Nightingale (Editors) 109 0 1999 Elsevier Science B.V. All rights reserved. THE INFORMATION ECONOMY: AN EVOLUTION OF APPROACHES Sandra Braman Department of Telecommunications and Film, College of Communications, University of Alabama, PO Box 870152, Tuscaloosa, Alabama 35487-0152, USA INTRODUCTION Three processes related to the information economy have been unfolding concurrently, each according to its own dynamics and speed. A series of alternative conceptualizations of the information economy has emerged. The subfield of the economics of information is coalescing out of the merging and expansion of several strands of work in the literatures of economics. And empirical developments - including the appearance of new types of organizational form, shifting market activities, and the sustained production and distribution of goods and services - continue in their own multiple ways, unaware of, and unconcerned about the efforts of scholars to contain them. · The three are, of course, not unrelated. Conceptualizations of the information economy inform the making of policy and interact with the definition, bounding, and attitude of the nascent economics of information. Developments in the economics of information - most profoundly explored by Don Lamberton (1974, 1984, 1992, 1994, 1997)- expand the kit of tools available to analysts and decision-makers in both the public and private sectors. The policies which result are among the structural forces shaping the environment in which economic activities unfold. Thus, these elements are mutually constitutive. The global economy is undergoing a shift from dominance by market relations to dominance by relations within organizations and other forms of networks.