A critique of orthodox economics
A critique of orthodox economics: an alternative model
Harold Lydall
Publisher: New York : St. Martin's Press, 1998.
ISBN: 0333725417
DDC: 330
LCC: HB171
Edition: (hbk.)
Summary:
Modern neoclassical economics is a theory of general equilibrium,
based on assumptions of perfect competition, perfect knowledge of
existing technology, and timeless - staticadjustment. Although useful
for some purposes, this theory suffers from serious defects, both in
its assumptions and in its predictions. Its fundamental weakness is
that it eliminates any role for the entrepreneur.
In the alternative model presented in this book there is perfect
competition in parts of primary industry, but not in the markets for
most manufactures and services, nor in the supply of finance.
Technology is much wider than in the standard concept of the
production function, covering all aspects of organisation, including
methods of efficient large-scale operation. Because both the
acquisition of better technology and the accumulation of finance for
expansion take time, smaller firms are, on the average, less
profitable than larger firms. This accounts for the growth in the
size of firms, for the rise in the general level of technology,
productivity and real wages, and for many other well-known phenomena.
The model provides a key to the problems of economic development of
poor countries and of unemployment in rich countries.
Notes:
"First published in Great Britain 1998 by MacmillanPress"--T.p.
verso.
Includes bibliographical references and index.
1. The Causes of Economic Growth -- 2. Neoclassical Theory -- 3.
Technology -- 4. The Entrepreneur -- 5. The Innovating Firm -- 6.
Product Differentiation --7. Aggregate Analysis -- 8. The Employment
Limit -- 9. Economic Development -- 10. The Role of Government --11.
Summary: The Case for a New Approach.
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