5 books match the query 'Production (Economic theory)'
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.
Edited by Takatoshi Ito and Andrew K. Rose
University of Chicago Press, 2004
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.
Gérard Duménil and Dominique Lévy
Pluto Press, 2018
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.