/pdf/the-theory-of-industrial-organization-19bejph0ej.pdf

The Theory of Industrial Organization

It comes as something ofa surprise to reflect that the New York Review ofBooks is now over twenty years old. Even people of my generation (that is, old enough to remember the revolutionary 196os but not young enough to have taken a very exciting part in them) think of the paper as eternally youthful. In fact, it has gone through years of relatively quiet life, yet, as always in a competitive journalistic market, it is the controversies that attract the interest of the reader and to which the history (especially an admittedly impressionistic survey that tries to include something of the intellectual context in which a journal has operated) must give some attention. Not all the attacks which the New York Review has attracted, both early in its career and more recently, are worth more than a brief summary. What do we now make, for example, of Richard Kostelanetz's forthright accusation that 'The New York Review was from its origins destined to publicize Random House's (and especially [Jason] Epstein's) books and writers'?1 Well, simply that, even if the statistics bear out the charge (and Kostelanetz provides some suggestive evidence to support it, at least with respect to some early issues), there is nothing surprising in a market economy about a publisher trying to push his books through the pages of a journal edited by his friends. True, the New York Review has not had room to review more than around fifteen books in each issue and there could be a bias in the selection of

http://www.jstor.org/stable/pdfplus/3507774.pdf

The New York Review of Books

The History of Economic Analysis

Nearly all industries exhibit geographic concentration. Most theories of the location of industry explain the persistence of these production centers as the result of economic efficiency. This article argues instead that heterogeneity in entrepreneurial opportunities, rather than differential performance, maintains geographic concentration. Entrepreneurs need exposure to existing organizations in the industry to acquire tacit knowledge, obtain important social ties, and build self-confidence. Thus, the current geographic distribution of production places important constraints on entrepreneurial activity. Due to these constraints, new foundings tend to reify the existing geographic distribution of production. Empirical evidence from the shoe industry supports this thesis.

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The social structure of entrepreneurial activity : Geographic concentration of footwear production in the United States, 1940-1989

Introduction References and Suggested Readings PART I REAL DYNAMIC MACROECONOMIC MODELS 1. Dynamic Programming A General Intertemporal Problem A Recursive Problem Bellman's Equations Nonstochastic Examples The Optimal Linear Regulator Problem Stochastic Control Problems Examples of Stochastic Control Problems The Stochastic Linear Optimal Regulator Problem Dynamic Programming and Lucas's Critique Dynamic Games and the Time Inconsistency Phenomenon Conclusions Exercises References and Suggested Readings 2. Search Nonnegative Random Variables Stigler's Model of Search Sequential Search for the Lowest Price Mean-Preserving Spreads Increases in Risk and the Reservation Price Intertemporal Job Search Waiting Times Firing Jovanovic's Matching Model Conclusions Exercises References and Suggested Readings 3. Asset Prices and Consumption Hall's Random Walk Theory of Consumption The Random Walk Theory of Stock Prices Lucas's Model of Asset Prices Mehra and Prescott's Finite-State Version of Lucas's Model Asset Pricing More Generally The Modigliani-Miller Theorem Government Debt and the Ricardian Proposition Remarks on Testing and Estimation Conclusions Exercises References and Suggested Readings PART II MONETARY ECONOMICS AND GOVERNMENT FINANCE 4. Currency in the Utility Function The Price of Inconvertible Government Currency in Lucas's Tree Model Issues and Models in Monetary Economics Government Debt in the Utility Function Government Currency in the Utility Function Seignorage and the Optimum Quantity of Currency A Neutrality Proposition Conclusions References and Suggested Readings 5. Cash-in-Advance Models A One-Country Model Fisher Equations Inflation-Indexed Government Debt Interactions of Monetary and Fiscal Policies Interest on Reserves A Two-Country Model Exchange Rate Indeterminacy Conclusions Exercises References and Suggested Readings 6. Credit and Currency with Long-Lived Agents The Physical Setup Optimal Allocations Competitive Equilibrium A Digression on the Balances of Trade and Payments The Ricardian Doctrine about Taxes and Government Debt The Model with Valued Currency and No Private Debt An Interventionist Optimal Monetary Equilibrium Townsend's \"Turnpike\" Interpretation Conclusions Exercises References and Suggested Readings 7. Credit and Currency with Overlapping Generations The Overlapping-Generations Model The Ricardian Doctrine about Taxes and Government Debt Again A Ricardian Proposition Currency, Bonds, and Open-Market Operations Computing Equilibria Interpretations as Currency Equilibria Optimality Four Examples on Inflation and Its Causes Seignorage and the Laffer Curve Dynamics of Seignorage Forced Saving International Exchange Rates Conclusions Exercises References and Suggested Readings 8. Government Finance in Stochastic Overlapping-Generations Models The Economy Some Examples A General Irrelevance Theorem Wallace's Modigliani-Miller Theorem for Open-Market Operations Chamley and Polemarchakis's Neutrality Theorem Interpretation as a Constant Fiscal Policy Indexed Government Bonds A Ricardian Proposition Further Irrelevance Theorems Conclusions Exercises References and Suggested Readings Appendix. Functional Analysis for Macroeconomics Metric Spaces and Operators First-Order Linear Difference Equations A Formula of Hansen and Sargent A Quadratic Optimization Problem in R A Discounted Quadratic Optimization Problem Predicting a Geometric Distributed Lead of a Stochastic Process Discounted Dynamic Programming A Search Problem Exercises References and Suggested Readings Index

Dynamic Macroeconomic Theory

Introduction The passion for research Mauric Allais 'I Know a Hawk from a Handsaw' Kenneth J. Arrow On my attitudes: sociopolitical and methodological William J. Baumol Recollections and reflections of a comparativist Abram Bergson From chemistry to economics and beyond Kenneth E. Boulding My quest for economic knowledge Karl Brunner From the inside looking out James M. Buchanan Random walk and life philosophy Gerard Debreu How I tried to become an economist Evsey D. Domar Nicholas Georgescu-Roegen about himself Nicholas Georgescu-Roegen Autobiographical notes with reflections Frank Hahn My working philosophy Charles P. Kindleberger My professional life philosophy L. R. Klein Social science, ethics, and the role of the public sector Richard A. Musgrave My apprenticeship as an economist Austin Robinson Reflections on political economy: past, present, and future W. W. Rostow My life philosophy: policy credos and working ways Paul A. Samuelson My search for welfare Tibor Scitovsky Living in interdisciplinary space Herbert A. Simon Notes on copying Robert M. Solow Solving the most urgent problems first Jan Tinbergen Scientific humanism as an ideal Shigeto Tsuru Index.

Eminent economists : their life philosophies

INTRODUCTION Ten Ways to Know Paul A. Samuelson ANALYSIS OF SAMUELSON'S SPECIFIC CONTRIBUTION Overlapping Generation Models 1. Overlapping Generations 2. Paul Samuelson's Amazing Intergenerational Transfer 3. Social Security, the Government, and National Savings Public Goods 4. Paul Samuelson and Global Public Goods Preference and Consumer Behavior 5. Revealed Preference 6. Samuelson's "Dr. Jekyll and Mrs. Jekyll" Problem: A Difficulty in the Concept of the Consumer Marx 7. Paul Samuelson on Karl Marx: Were the Sacrificed Games of Tennis Worth It? Stability 8. Paul Samuelson and the Stability of the General Equilibrium Keynes & Post-Keynesians 9. Paul Samuelson and Piero Sraffa- Two Prodigious Minds at the Opposite Poles 10. Paul Samuelson as a "Keynesian" Economist 11. Samuelson and the Keynesian/Post-Keynesian Revolution International Economics and Finance 12. Paul Samuelson and International Trade Theory Over Eight Decades 13. Paul Samuelson's Contributions to International Economics 14. Protection and Real Wages: The Stopler-Samuelson Theorem Finance and Portfolio Theory 15. Samuelson and the Factor Bias of Technology Change 16. Samuelson and Investment for the Long Run 17. Paul Samuelson and Financial Economics SAMUELSON'S RELEVANCE Relevance to Mathematical Economics 18. Multipliers and the LeChatelier Principle Relevance to the Natural Sciences 19. The Surprising Ubiquity of the Samuelson Configuration 20. Paul Samuelson's Mach

Samuelsonian Economics and the Twenty-First Century

I Introduction SCHOLARLY JOURNALS are the mainstays of scientific communication, and publication in them by academicians is the primary route to promotion, tenure, salary increases, recognition and mobility. The scrutiny and assessment of the publication process is therefore of vital concern to the scientific community. This paper will examine what, in my view, is currently the most vexatious problem that arises out of the interdependent, complex, and unequal relationship between scholar and journal editor: that of exclusive review. Scholarly journals prohibit multiple submissions. Notes Economics of Education Review, "Manuscripts will not be considered for publication if they are concurrently under review by another journal," or Journal of Economic Studies, "It is a condition of submission that the article is not concurrently being considered by another journal." Journal editors have taken the position that submission of an article to more than one journal at a time is an ethical impropriety, a position I intend to show rests more on expediency and publisher convenience than on moral considerations. Some communication officials further claim that multiple submissions are "ethically unacceptable by virtually all scholars."(1) Beth Luey notes that some journal editors view multiple submission as so serious a sin that they report it to the chairperson of the author's department.(2) Reasons advanced for this stance include the wasting of time and money through duplication of effort on the part of referees and editorial staff,(3) the need to adhere to rules promulgated by editors, and the unnecessary complication of copyright privileges should a manuscript be accepted by two or more journals. In the 1960s, Derek Price, an eminent student of the scientific community, estimated that the number of scientists and scientific papers in all fields and in all countries doubles about every ten years.(4) In the world of academia, particularly in the liberal arts divisions, employment is, regrettably, no longer a growth industry. Nevertheless, journal submissions continue to increase. With it, we see a proliferation of new journals and the printing of larger issues.(5) However, the opportunities for publication simply cannot keep pace with the volume of submissions by potential contributors. Publish or perish propositions(6) are nothing new, but one should also note that rejection rates in the social sciences differ markedly from those in the physical areas. In the social sciences, the average rejection rate is about 80 percent; in the natural science areas, it hovers around 25 percent.(7) As a result of a burgeoning college-age population in the 1960s, academic employment opportunities greatly increased, and it was possible to advance the standard that "each faculty member should be allowed to decide for himself whether he wishes to be judged on the basis of his publications, his teaching, or both."(8) Since the 1980s, however, liberal arts colleges have undergone a retrenchment in terms of employment and finances, and faculty standards have been tightened accordingly. Under the new standards, outstanding teacher performance is no longer a sufficient condition for granting tenure or even promotion. Thus, publication in refereed journals has become the most significant stumbling block for individual scientists seeking advancement.(9) This issue was addressed at the 1992 Convention of the American Economic Association (AEA) in a session entitled, "Publishing in Economics Journals: Selection Criteria, Refereeing, Processes and Procedures." I was one of four editors on the panel.(10) The purpose of the session was to familiarize young economists with publishing strategies in learned journals. A question and answer period followed the editors' presentations. The most important criticism leveled against the journal system--expressed not only with frustration and anxiety but also with acrimony and anger--is that it occasions unreasonable and unconscionable delays. …

Disseminating Scholarly Output: The Case for Eliminating the Exclusivity of Journal Submissions

Most celebrities have to wait until the end of their careers to publish their autobiographies. Here, twenty economists in mid-career (nineteen scholars and an economics journalist) bring together personal accounts of their work and lives. The contributors were asked to elaborate on their methods of working and their private thoughts. The result is a rich set of biographies, addressing issues such as the effects of politics on work and vice versa, family life, creativity in and inspired by the workplace, the study of law and economics, and the conducting of research, and the role of women in this male-dominated field.The contributing economists represent a wide range of endeavors in economics such as research, education, law, and journalism, and include Francine D. Blau, David Colander, William Darity, Jr., Avinash Dixit, Benjamin M. Friedman, Claudia Goldin, David M. Gordon, Elhanan Helpman, Paul Krugman, William M. Landes, N. Gregory Mankiw, Deirdre N. McCloskey, Rachel McCulloch, Philip Mirowski, Roger B. Myerson, Susan Rose-Ackerman, Richard Schmalensee, Hal R. Varian, David Warsh, and Gavin Wright. Michael Szenberg provides an introduction."Passion and Craft" provides a fascinating glimpse into the minds and lives of some of the most interesting economists of our time. It will be inspiring reading for economists as well as all other social scientists, students considering a career in economics, and anyone interested in how great minds work. ""Passion and Craft" is a worthy sequel to "Eminent Economists." It should be of greatest interest to young scholars who want to know what it is like to 'do economics' and to senior economists who will learn how things have changed (or have they?)." --Victor R. Fuchs, Stanford UniversityMichael Szenberg is Director, Center for Applied Research, and Professor of Economics, Lubin School of Business, Pace University. He also serves as editor of "The American Economist."

Passion and craft : economists at work

While it is well accepted that good research is essential to developing the most effective international marketing strategies, until recently many warned that using qualitative techniques was fraught with pitfalls. However, no study had been completed which describes the use of various qualitative techniques in specific markets. This preliminary study, based on interviews with 39 experienced market research managers, shows that most qualitative techniques are used in nearly every one of the 17 countries included. International researchers interviewed are well aware of the cultural problems they may face in completing international qualitative research. These cluster around relations with the in‐country research firm, reactions of respondents and interpretation of data. In this study, they offer specific strategies they use to overcome these problems: patience and sensitivity in developing working relationships with the local firm and meeting the needs of respondents and first‐hand in‐country experience.

Michael Szenberg

Papers

Eminent economists : their life philosophies

Samuelsonian Economics and the Twenty-First Century

Disseminating Scholarly Output: The Case for Eliminating the Exclusivity of Journal Submissions

Passion and craft : economists at work

Implementing international qualitative research: techniques and obstacles