Showing papers on "Managerial economics published in 1975"

Divisional Screening Rates

Abstract: Dr. Bower received his PhD from Cornell University and is the Leon E. Williams Professor of Finance and Managerial Economics at the Amos Tuck School of Business Administration at Dartmouth College. Mr. Jenks received his MBA from the Amos Tuck School and is employed by Teradyne, Inc. Much of the impetus for this paper came from efforts to individualize screening rates at Quaker Oats reflected in internal memoranda dating from the summer of 1973. Richard D. Dennison made these memoranda available.

The Conceptual Framework of Information Economics

Abstract: Information economics is a new system of economics, overriding the classical school of economics, and at the same time it is a future economics. Three basic concepts of economics constitute the framework of information economics. The first of them is the spirit of giobalism-the ideas of spaceship, quality of time, and coexistentialism. The second is information productivity. The development of computer and communication technologies has made posible mass production of objective-oriented, logical, normative information. The third is time value-a new view of values. By time value is meant the value that is created through objective-oriented utilization of free time at the disposal of human beings. Just as each new theory of economics has a new vision, information economics has a vision-Global Futualization Society as the society where a large variety of voluntary communities will flourish on a global scale at a time, and the individual will seek to realize self-actualization in each community.

The Economics of Education: Research--Results and Needs.

Abstract: Stanley D. Nollen is assistant professor, School of Business Administration, Georgetown University. This paper was originally prepared for the National Academy of Education under a grant from the Ford Foundation. The author wishes to thank especially H. Thomas James and Mary Jean Bowman for their assistance. Henry M. Levin commented on an earlier draft. All errors remain the author's responsibility.

Maximum principles in analytical economics

Abstract: The very name of my subject, economics, suggests economizing or maxi mizing. But Political Economy has gone a long way beyond home econo mics. Indeed, it is only in the last third of the century, within my own life time as a scholar, that economic theory has had many pretensions to being itself useful to the practical businessman or bureaucrat. I seem to recall that a great economist of the last generation, A. C. Pigou of Cam bridge University, once asked the rhetorical question, 'Who would ever think of employing an economist to run a brewery?' Well, today, under the guise of operational research and managerial economics, the fanciest of our economic tools are being utilized in enterprises both public and private. So at the very foundations of our subject maximization is involved. My old teacher, Joseph Schumpeter, went much farther. Instead of being content to say economics must borrow from logic and rational empirical enquiry, Schumpeter made the remarkable claim that man's ability to operate as a logical animal capable of systematic empirical induction was itself the direct outcome of the Darwinian struggle for survival. Just as man's thumb evolved in the struggle to make a living to meet his econo mic problem so did man's brain evolve in response to the economic problem. Coming forty years before the latest findings in ethology by Konrad Lorenz and Nikolaas Tinbergen, this is a rather remarkable insight. It would take me away from my present subject to more than mention the further view enunciated by Schumpeter [43] in launching the new subject of econometrics. Quantity, he said, is studied by the physicist or other natural scientist at a fairly late and sophisticated stage of the subject. Since a quantitative approach is, so to speak, at the discretion of the investigator, all the more credit to the followers of Galileo and Newton for taking the mathematical approach. But in economics, said Schumpeter, the very subject matter presents itself in quantitative form : take away the numerical magnitude of price or barter exchange-ratio and you have nothing left. Accounting does not benefit from arithmetic;