Increasing Returns and Economic Efficiency

Hardcover | June 15, 2009

byYew-Kwang Ng

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The author recognizes that increasing returns play havoc to much of the established wisdom in economic analysis, making money non-neutral, equity conflict with freedom, and encouraging goods with increasing returns efficient. This book discusses these problems and ways they can be handled, helping to explain phenomena in the real world.

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The author recognizes that increasing returns play havoc to much of the established wisdom in economic analysis, making money non-neutral, equity conflict with freedom, and encouraging goods with increasing returns efficient. This book discusses these problems and ways they can be handled, helping to explain phenomena in the real world...

YEW-KWANG NG is Professor of Economics at Monash University and fellow of the Academy of Social Sciences in Australia, where he recently received the Distinguished Fellow Award, 2007, Economic Society of Australia. He has published papers in leading journals in economics as well as in biology, mathematics, philosophy, psychology, and ...

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Format:HardcoverDimensions:256 pages, 8.78 × 5.61 × 0.7 inPublished:June 15, 2009Publisher:Palgrave MacmillanLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0230202098

ISBN - 13:9780230202092

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Table of Contents

Chapter 1. Introduction 5

Chapter 2. Devastating Implications of Increasing Returns on Some Traditional Conclusions 15

Chapter 3. Equity and Efficiency vs. Freedom and Fairness: An Inherent Conflict 32

Chapter 4. Existence of Average-Cost Pricing Equilibria with Increasing Returns 55

Chapter 5. The Efficiency of Encouraging Goods with High Degrees of Increasing Returns 62

Chapter 6. Division of Labour: Increasing Returns at the Economy Level 72

Chapter 7. The Smith Dilemma and Its Resolution 99

Chapter 8. Why Should Governments Encourage Improvements on Infrastructure? Indirect Network Externality of Transaction Efficiency 114

Chapter 9. Average-cost Pricing, Increasing Returns, and Optimal Output: Comparing Home and Market Production 130

Chapter 10. Do the Economies of Specialization Justify the Work Ethics? An Examination of Buchanans Hypothesis 155

Chapter 11. Specialization, Trade and Growth 195

Chapter 12. Conceptual and Policy Implications: Concluding Discussion 213