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Managerial economics
About: Managerial economics is a research topic. Over the lifetime, 1524 publications have been published within this topic receiving 83965 citations.
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TL;DR: The central problem of the essays in this volume is the problem of theory appraisal in economics as mentioned in this paper, which is the same problem as the one in the essays of the present volume.
Abstract: The central problem of the essays in this volume is the problem of theory appraisal in economics. In the history of economic theory we find few widely recognised theoretical achievements and in the history of the methodology of economics we find little agreement concerning the standards by which we should judge a theory as an improvement on its predecessors.
168 citations
TL;DR: In this paper, the authors trace the major developments of lasting value in our understanding of the monetary mechanism and its role in the economy which have occurred since the early forties, when the process of digesting the General Theory and integrating it with the earlier streams of thinking had been more or less completed.
Abstract: T HIS paper traces the major developments of lasting value in our understanding of the monetary mechanism and its role in the economy which have occurred since the early forties, when the process of digesting the General Theory [ii] and integrating it with the earlier streams of thinking had been more or less completed. I consider here primarily the state of monetary thought as of about the mid-fifties, leaving to another time consideration of the evolution that has occurred since. The middle of the I950's provides, in my view, a useful landmark in reviewing the evolution of monetary and macroeconomic theory, since the developments that occurred up to that time are, on the whole, rather different in purpose and approach from those that have occurred later. The development in the first-mentioned period seems to me to consist largely of refinements, clarifications, and developments of the basic framework, which had already been laid out by the early forties. The most significant contributions in the more recent period, on the other hand, have tended to approach monetary issues in terms of the theory of asset management and portfolio decisions, exploiting concurrent advances in the theory of saving, in managerial economics and, most importantly, in the theory of choice under uncertainty. These developments, on the whole, have not led to any major revision or rejection of the positions reached by the midfifties, but have rather been concerned with providing a better understanding of the determinants of the demand for money and its relation with the demand and supply for various other assets, physical as well as financial, by final transactors and by "financial intermediaries." This paper is, in essence, a summary of a longer and more rigorous statement which I expect to complete later, and which, together with an exploration of the developments since the I950's, will be published elsewhere when completed. Because it is in the nature of a summary, I have frequently found it necessary to sacrifice rigor and to omit nearly all of the proofs and many of the references. The material is divided into six major sections. The first is a brief comparison of a basic model of money and the economy which I believe would have been widely accepted about I944, with a corresponding model as of the middle of the 1950's. The following sections, then, examine in some detail the implications of the mid-fifties model for the relationship to crucial variables in the economy, and for major lines of monetary and fiscal policy.
168 citations
02 Jan 2019
TL;DR: The business enterprise is the prime institution in economic development and growth; yet, until recently, mainstream economics has mostly treated firms as homogeneous black boxes managed by untrustworthy managers as mentioned in this paper.
Abstract: The business enterprise is the prime institution in economic development and growth; yet, until recently, mainstream economics has mostly treated firms as homogeneous black boxes managed by untrust...
167 citations
TL;DR: In this article, the authors add an aspiration-level assumption called betterment that extends transaction cost analysis to include exchanges involving interpersonal resources and discuss the implications for the efficient design of organizational boundaries, organizational subunits, and employment relations.
Abstract: The assumptions of material self-interest, bounded rationality, and negative opportunism that underlie organizational economics are deficient for many managerial purposes because they underrepresent the importance of interpersonal and other nonmarket resources in human motivation. This paper adds an aspiration-level assumption called betterment that extends transaction cost analysis to include exchanges involving interpersonal resources. Implications are discussed for the efficient design of organizational boundaries, organizational subunits, and employment relations, and special attention is given to cooperation as an organizational asset.
167 citations
Abstract: Part I General issues: basic concepts and structures short history institutions. Part II Customs union: customs union theory goods services. Part III Common market: common market theory labour capital. Part IV Sectors of activity: agriculture manufacturing energy services transport. Part V Conditions for balanced growth: allocation, internal market policies stabilization - towards a monetary union redistribution - cohesion policies external relations. Part VI Conclusion: evaluation and outlook. Annexes.
162 citations