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Showing papers on "Managerial economics published in 1994"


Book
01 Jan 1994

318 citations


BookDOI
TL;DR: In this article, Dietrich proposes a theory of the firm that allows for both hierarchical and creative decision-making, drawing on theories of organizational behaviour as well as economics, and concludes by offering a theory for the firm.
Abstract: In recent years transaction cost economics have come to dominate the discussion of the nature and organization of firms. In Transaction Costs Economics and Beyond Michael Dietrich offers a critical exploration of transaction costs. He argues that whilst they have much to offer, they are still an inadequate basis for a general theory of the firm. Drawing on theories of organizational behaviour as well as economics, he concludes by offering a theory of the firm that allows for both hierarchical and creative decision making.

128 citations


Journal ArticleDOI
TL;DR: A combination of monetay tightening, an early pegging of the currency, and large-se international assistce to support stabilizaton offers Russia the most effective way of avoiding politica catastrophe as discussed by the authors.
Abstract: The most important question aburt Russian economic reform is bow to avoid a collapse of Russia's nascent demecracy in the face of highly wistable political and economic conditions. The precanous situation could ii nrauei i a spiral of self-reinmforcig destructive responses: criminadly, regronal sep tm, tax evasion, and flght from the currency. A combination of monetay tightening, an early pegging of the ecchange rate, and large-se international assistce to support stabilizaton offers Russia the most reaistc cance of avoiding politica catastrophe. International assistace to Russia during the past three years has bee iadequate in amount and without a proper conceptua framework The artice offers a strategy for Rusi stabilization and Western assistance based on theoretical and empical analysis. Te concerns raised aply not only to Russia, but more generally to weak stes in acute fiancial crisis, for which the current methods of delivering aid are typically too slow and too oblivious of the risks of state collapse.

75 citations


Journal ArticleDOI
TL;DR: In this paper, the authors use behavioral economics insights into how distribution affects productivity of labor and realization of joint gains in order to predict the performance of alternative laws in high exclusion-cost situations.
Abstract: Behavioral economics provides one of the foundation for institutional law and economics (ILE). Improvement in predicting the performance of alternative laws will be built on ILE insights into how distribution affects productivity of labor and realization of joint gains. Our understanding of obedience to law as well as other categories of failure to be opportunistic (such as in high exclusion-cost situations) will be better understood from an ILE perspective that investigates learning to supplement specific sanctions.

26 citations


Journal ArticleDOI
01 Oct 1994
TL;DR: The economics of ergonomics are discussed in this article, both from a conceptual and a practical standpoint, and a short list of ways to control costs within an ergonomic program is provided.
Abstract: The economics of ergonomics is important from a managerial and technical standpoint. This paper provides an overview of the economics of ergonomics, both from a conceptual standpoint and from a practical standpoint. The economics at the project level as well as economics at the program level are discussed. There are a number of possible techniques to use and the advantages and disadvantages of them are presented. Some techniques work better under some circumstances than under other circumstances. Finally, a short list of ways to control costs within an ergonomics program is provided.

19 citations


Journal ArticleDOI
TL;DR: In this paper, the authors consider the present state of construction economics and its causes and effects, and suggest that the development of the field should be managed if the field is to be advanced further.
Abstract: Despite the importance of construction in national economies and in socio-economic development, construction economics, as a field of study, is still fledgling Its foundations are weak and there is confusion about many of its concepts and terms Worse, there are indications that unless a conscious effort is made to advance the field further, progress will be slow This paper considers the present state of construction economics and its causes and effects It considers whether construction economics is a distinct academic discipline It is observed that construction economics lacks a conceptual structure, a key attribute of a discipline Main areas where further study is required are highlighted It is suggested that the development of construction economics should be managed if the field is to be advanced further

19 citations



Book ChapterDOI
01 Jan 1994
TL;DR: In economics, evolutionary approaches have become more popular in economics over the past decade and there is a growing appreciation of the explanatory limitations of neoclassical economics in its traditional form and increasing acceptance that nonlinearities must be confronted when attempting to model economic processes as discussed by the authors.
Abstract: Over the past decade, evolutionary approaches have become more popular in economics. Such approaches are no longer confined to the institutionalist and Schumpeterian schools: there now appears to be widespread appreciation of the explanatory limitations of neoclassical economics in its traditional form and increasing acceptance that nonlinearities must be confronted when attempting to model economic processes over time. This has led to a search for new theoretical constructs within which economic analysis can be conducted. Correspondingly, the mainstream has become more liberal in terms of what is considered legitimate to study, provided that a certain level of competence in the use of mathematical formalism can be demonstrated. For example, questions pertaining to increasing returns to scale (Romer 1986), time irreversibility (Pindyck (1991)) and path dependence (Arthur (1989)) are no longer viewed as threatening and best avoided by neoclassical economists. Instead, attempts to answer such questions are now permitted in the best academic journals and, correspondingly, there has been a willingness to revise some of the fundamental tenets of neoclassical theory. However, the upshot, to date, has been a collection of poorly-connected contributions, which do not constitute a new paradigm but, rather, a set of cumbersome qualifications of the old one.

11 citations


Book
01 Oct 1994
TL;DR: In this article, the authors discuss the role and importance of the service industry in terms of the functions and limits of the market, and the costs in the service industries in their strategic context.
Abstract: Size and importance of the service industries The functions and limits of the market Demand - introduction: market and firm's demand The firm, why it exists its goals Costs in the service industries The investment decision Costs in their strategic context Monopolistic competition Oligopoly The regulation of oligopoly Deregulation and competition in the transport industries Health services and the market for health

5 citations



Book
01 Jan 1994
TL;DR: In this article, the authors present a model of the make-or-buy decision making in a firm and its competitors, focusing on the economic theory of vertical integration and the economic alternatives to ownership integration.
Abstract: Part One Decision Making Tools: Demand Theory and Analysis Production and Cost in the Long Run Production and Cost in the Short Run Product Pricing and Profit Analysis Price Discrimination: Exploiting Information about Demand. Part Two Decision Making in the Firm: The Boundaries of the Firm The Firm and its Rivals Topics in the Pricing of Products and Resources Strategic Management Decisions Managing Quality. Part Three The Organizational Structure of the Firm: Make-or-Buy Decisions: The Economic Theory of Vertical Integration Make-or-Buy Decisions: Contractual Alternatives to Ownership Integration The Internal Structure of the Firm The Financial Structure of the Firm Managing the Non Traditional Firm. Part Four Government and Business: Private Markets and Public Policy Antitrust and Regulation.

Journal ArticleDOI
TL;DR: Complexity books as a New on Scientist supplement were generated published (6 much and (Lewin, 13 interest February), 1993; in recent Waldrop, an article years. in 1993).
Abstract: Complexity books as a New on Scientist the theory subject has supplement were generated published (6 much and (Lewin, 13 interest February), 1993; in recent Waldrop, an article years. in 1993) In The 1993 as Atlanwell two Complexity books on the subject were published (Lewin, 1993; Waldrop, 1993) as well s a New Scienti t supplement (6 and 3 Fe uary), an r icle in T e A lantic Monthly (Morris, 1993) and at least two pieces in the Australian national press (McGuinness, 1993; Toohey, 1993). Its ideas are being presented as fundamental to our understanding of all kinds of physical and social phenomena, including economics; and some commentators (e.g. Arthur, 1988) use it to argue for particular forms of government planning. Yet its striking affinity to the ideas of F. A. Hayek and the Austrian School generally suggests that modern complexity theory actually tends to bolster arguments against government planning.

Book ChapterDOI
01 Jan 1994
TL;DR: In this article, the authors argue that, subject to a few important caveats mentioned below, the basic answer is “yes.” Indeed, switching from a positive analytical mode to a "normative" advocacy mode, they argue that such an attempt should be made, and that the National Council's existing Framework offers a useful starting point from which such an international committee could launch its deliberations.
Abstract: The Committee that developed the National Council on Economic Education’s A Framework for Teaching the Basic Concepts (Saunders et al., 1993) sought to present a concisely stated set of economic concepts for teaching economics in United States schools below the college level. How appropriate are these concepts for teaching economics in other countries? Are there concepts in economics that are as universal as the basic concepts in, say, mathematics or physics, or are economics concepts country specific? Could an appropriate international committee develop a global framework of basic concepts that could be used to teach economics below the college level throughout the world? We can’t get a specific answer to the latter question until it is tried, of course, but in this chapter I will argue that, subject to a few important caveats mentioned below, the basic answer is “yes.” Indeed, switching from a “positive” analytical mode to a “normative” advocacy mode, I will argue that such an attempt should be made, and that the National Council’s existing Framework offers a useful starting point from which such an international committee could launch its deliberations.

01 Jan 1994
TL;DR: The United States government is hindered by the uncertainty which pervades nearly every aspect of domestic activity and foreign policy as discussed by the authors, and the defense industrial base must be managed to ensure that risks to national security are not aggravated by failure to preserve and exploit our competitive advantages in technology and productivity.
Abstract: The United States government is hindered by the uncertainty which pervades nearly every aspect of domestic activity and foreign policy. Unanticipated political, social, and economic phenomena-disorder, globalization of national economies, and various regional attempts to integrate economic and national security policies--suggest the complexity of the environment in which US defense planning is being conducted. It is within this dynamic context that the defense industrial base must be managed to ensure that risks to national security--some old, some new, some merely unfamiliar--are not aggravated by failure to preserve and exploit our competitive advantages in technology and productivity.

01 Jan 1994
TL;DR: The firm, managers and managerial economists demand estimation and other applications of econometrics forecasting production, cost and related topics market structure, pricing, regulation investment decision and benefit cost analysis international issues as mentioned in this paper.
Abstract: The firm, managers and managerial economists demand estimation and other applications of econometrics forecasting production, cost and related topics market structure, pricing and related topics regulation investment decision and benefit-cost analysis international issues.


Journal ArticleDOI
TL;DR: The up-and-down economics refers to economics found on the nightly news or the business pages of newspapers, preoccupied with what latest economic numbers are up or down as discussed by the authors.
Abstract: Up-and-down economics refers to economics found on the nightly news or the business pages of newspapers, preoccupied with what latest economic numbers are up or down. Understanding the rationale used by journalists should help students learn important macroeconomic principles and develop an ability to apply them to real-world events.

30 Jun 1994
TL;DR: In this article, the authors examine the major functions or qualifications of Japanese main banks and apply these lessons learned to formulate a banking sector strategy that may assist the former socialist economies to successfully make the transition to market-oriented economic systems.
Abstract: In the first paper, the author discusses how Japan's commercial banking system helped the industrial sector to respond to the post-war challenges faced by the country. It analyzes the experience of Japanese main banks in developing their managerial capacity from a practitioner's point of view. This paper's sections examine the major functions or qualifications -both explicit and implicit- of main banks; these functions are interlocking; through them, managerial capacity can be most effectively employed. Other sections examine the normal course of career development within main banks; the implicit aspects of corporate monitoring or restructuring procedures through the standard mode of credit risk appraisal; managing business growth and corporate relationships through overall portfolio review, as well as through proactive responses to fundamental changes within the economic environment; and the overall features and implications of managerial capacity at the micro, system, and policy levels. The second paper attempts to apply these lessons learned to formulate a banking sector strategy that may assist the former socialist economies to successfully make the transition to market-oriented economic systems. Sections address the economic systems appropriate to different systems, exploring the major factors affecting policy framework; the need to build institutional systems facilitating the resolution of macro economic and micro-management policy problems; the core role of the banking system in handling new investment financing, inherited debt, enterprise restructuring, equity investment, and local financial market development; a general course of privatization governments may pursue whatever specific schemes they design or implement; and controversial aspects of industrial policy.

Book ChapterDOI
01 Jan 1994
TL;DR: In this paper, the authors consider the impact of decisions that are about to be taken above the strategic and operating economics of the business and question the motives of such moves, whether the move seen as a strategic initiative to add value to the customer offer or is it a competitive reaction.
Abstract: When implementing strategy it is useful to consider the impact of decisions that are about to be taken above the strategic and operating economics of the business. It is also worthwhile to consider how the economics of the business can influence implementation decisions. For example, the decision to increase shopping facilities by opening branches for business on Sundays and on public holidays may enhance the utilisation of the assets or indeed may require additional expenditures that lower the returns to the business. The business should question the motives of such moves. Is the move seen as a strategic initiative to add value to the customer offer or is it a competitive reaction? Furthermore, what can the business expect of its sales volume profile: will it increase or perhaps will it merely be spread across the increased hours of opening?