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5 books match the query 'Production (Economic theory)'

cover of Entropy Economics: The Living Basis of Value and Production

Entropy Economics

The Living Basis of Value and Production

James K. Galbraith and Jing Chen

University of Chicago Press, 2025

Economists dream of equilibrium. It’s time to wake up.

In mainstream economics, markets are ideal if competition is perfect. When supply balances demand, economic maturity is orderly and disturbed only by shocks. These ideas are rooted in doctrines going back thousands of years, yet, as James K. Galbraith and Jing Chen show, they contradict the foundations of our scientific understanding of the physical and biological worlds.

Entropy Economics discards the conventions of equilibrium and presents a new basis for thinking about economic issues, one rooted in life processes—an unequal world of unceasing change in which boundaries, plans, and regulations are essential. Galbraith and Chen’s theory of value is based on scarcity, and it accounts for the power of monopoly. Their theory of production covers increasing and decreasing returns, uncertainty, fixed investments over time, and the impact of rising resource costs. Together, their models illuminate key problems such as trade, finance, energy, climate, conflict, and demography.

Entropy Economics is a thrilling framework for understanding the world as it is and will be keenly relevant to the economic challenges of a world threatened with disorder.

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cover of Growth and Productivity in East Asia

Growth and Productivity in East Asia

Edited by Takatoshi Ito and Andrew K. Rose

University of Chicago Press, 2004

Considering the examples of Australia and the Pacific Rim, Growth and Productivity in East Asia offers a contemporary explanation for national productivity that measures contributions not only from capital and labor, but also from economic activities and relevant changes in policy, education, and technology.

Takatoshi Ito and Andrew K. Rose have organized a group of collaborators from several Asian countries, the United States, and other parts of the globe who ably balance both macroeconomic and microeconomic study with theoretical and empirical approaches. Growth and Productivity in East Asia gives special attention to the causes for the unusual success of Australia, one of the few nations to maintain unprecedented economic growth despite the 1997 Asian financial crisis and the 2001 global downturn. A new database comprising eighty-four Japanese sectors reveals new findings for the last thirty years of sectoral productivity and growth in Japan. Studies focusing on Indonesia, Taiwan, and Korea also consider productivity and its relationship to research and development, foreign ownership, and policy reform in such industries as manufacturing, automobile production, and information technology.
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cover of In Defense of Monopoly: How Market Power Fosters Creative Production

In Defense of Monopoly

How Market Power Fosters Creative Production

Richard B. McKenzie and Dwight R. Lee

University of Michigan Press, 2008

In Defense of Monopoly offers an unconventional but empirically grounded argument in favor of market monopolies. Authors McKenzie and Lee claim that conventional, static models exaggerate the harm done by real-world monopolies, and they show why some degree of monopoly presence is necessary to maximize the improvement of human welfare over time.

Inspired by Joseph Schumpeter's suggestion that market imperfections can drive an economy's long-term progress, In Defense of Monopoly defies conventional assumptions to show readers why an economic system's failure to efficiently allocate its resources is actually a necessary precondition for maximizing the system's long-term performance: the perfectly fluid, competitive economy idealized by most economists is decidedly inferior to one characterized by market entry and exit restrictions or costs.

An economy is not a board game in which players compete for a limited number of properties, nor is it much like the kind of blackboard games that economists use to develop their monopoly models. As McKenzie and Lee demonstrate, the creation of goods and services in the real world requires not only competition but the prospect of gains beyond a normal competitive rate of return.

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cover of Managerial Capitalism: Ownership, Management, and the Coming New Mode of Production

Managerial Capitalism

Ownership, Management, and the Coming New Mode of Production

Gérard Duménil and Dominique Lévy

Pluto Press, 2018

Marxist analysis has traditionally been built on a two-class framework: workers and capitalists. With Managerial Capitalism, Gerard Duménil and Dominique Lévy mount a powerful argument that such a framework is outdated—we are in fact amid a transition to a new mode of production, one that is fundamentally shaped by a third, intermediary class: managerialism.
            Drawing examples from the United States and Europe, the authors offer a historically rooted interpretation of major current economic and political trends. Without eschewing Marx’s theory of history and political economy, they update it to take account of the changes underway in class patterns and relationships to production. The result is a robust new Marxism for the present and the future.
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cover of Surplus: The Politics of Production and the Strategies of Everyday Life

Surplus

The Politics of Production and the Strategies of Everyday Life

Christopher T. Morehart

University Press of Colorado, 2015

The concept of surplus captures the politics of production and also conveys the active material means by which people develop the strategies to navigate everyday life. Surplus: The Politics of Production and the Strategies of Everyday Life examines how surpluses affected ancient economies, governments, and households in civilizations across Mesoamerica, the Southwest United States, the Andes, Northern Europe, West Africa, Mesopotamia, and eastern Asia.

A hallmark of archaeological research on sociopolitical complexity, surplus is central to theories of political inequality and institutional finance. This book investigates surplus as a macro-scalar process on which states or other complex political formations depend and considers how past people—differentially positioned based on age, class, gender, ethnicity, role, and goal—produced, modified, and mobilized their social and physical worlds.

Placing the concept of surplus at the forefront of archaeological discussions on production, consumption, power, strategy, and change, this volume reaches beyond conventional ways of thinking about top-down or bottom-up models and offers a comparative framework to examine surplus, generating new questions and methodologies to elucidate the social and political economies of the past.

Contributors include Douglas J. Bolender, James A. Brown, Cathy L. Costin, Kristin De Lucia, Timothy Earle, John E. Kelly, Heather M. L. Miller, Christopher R. Moore, Christopher T. Morehart, Neil L. Norman, Ann B. Stahl, Victor D. Thompson, T. L. Thurston, and E. Christian Wells.


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