Prices and Knowledge PDF Download

Author: Esteban F. Thomsen
Publisher: Routledge
ISBN: 1134915578
Category : Business & Economics
Languages : en
Pages : 159

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Book Description
The growth of information economics has lead to a substantial re-consideration of the role of prices. Instead of the conventional neo-classical view of prices as straightforward indicators of scarcity, information economics emphasises that prices can be sources from which agents infer information and means by which they communicate. Prices and Knowledge analyses different theoretical approaches to the role of prices in situations of imperfect information. It shows that whilst the `informational efficiency' approach of Grossman and Stiglitz and the `bounded rationality theory' of Nelson and Simon are useful, neither goes far enough in considering situations of disequilibrium.

Author: Eric A. Hanushek
Publisher: MIT Press
ISBN: 026254895X
Category : Business & Economics
Languages : en
Pages : 275

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Book Description
A rigorous, pathbreaking analysis demonstrating that a country's prosperity is directly related in the long run to the skills of its population. In this book Eric Hanushek and Ludger Woessmann make a simple, central claim, developed with rigorous theoretical and empirical support: knowledge is the key to a country's development. Of course, every country acknowledges the importance of developing human capital, but Hanushek and Woessmann argue that message has become distorted, with politicians and researchers concentrating not on valued skills but on proxies for them. The common focus is on school attainment, although time in school provides a very misleading picture of how skills enter into development. Hanushek and Woessmann contend that the cognitive skills of the population—which they term the “knowledge capital” of a nation—are essential to long-run prosperity. Hanushek and Woessmann subject their hypotheses about the relationship between cognitive skills (as consistently measured by international student assessments) and economic growth to a series of tests, including alternate specifications, different subsets of countries, and econometric analysis of causal interpretations. They find that their main results are remarkably robust, and equally applicable to developing and developed countries. They demonstrate, for example, that the “Latin American growth puzzle” and the “East Asian miracle” can be explained by these regions' knowledge capital. Turning to the policy implications of their argument, they call for an education system that develops effective accountability, promotes choice and competition, and provides direct rewards for good performance.

Author: Wei-Bin Zhang
Publisher: Springer Science & Business Media
ISBN: 3540782656
Category : Business & Economics
Languages : en
Pages : 415

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Book Description
The development of international trade theory has created a wide array of different theories, concepts and results. Nevertheless, trade theory has been split between partial and conflicting representations of international e- nomic interactions. Diverse trade models have co-existed but not in a structured relationship with each other. Economic students are introduced to international economic interactions with severally incompatible theories in the same course. In order to overcome incoherence among multiple theories, we need a general theoretical framework in a unified manner to draw together all of the disparate branches of trade theory into a single - ganized system of knowledge. This book provides a powerful – but easy to operate - engine of analysis that sheds light not only on trade theory per se, but on many other dim- sions that interact with trade, including inequality, saving propensities, education, research policy, and knowledge. Building and analyzing various tractable and flexible models within a compact whole, the book helps the reader to visualize economic life as an endless succession of physical ca- tal accumulation, human capital accumulation, innovation wrought by competition, monopoly and government intervention. The book starts with the traditional static trade theories. Then, it develops dynamic models with capital and knowledge under perfect competition and/or monopolistic competition. The uniqueness of the book is about modeling trade dyn- ics.

Author: David Warsh
Publisher: W. W. Norton & Company
ISBN: 9780393066364
Category : Business & Economics
Languages : en
Pages : 464

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Book Description
"What The Double Helix did for biology, David Warsh's Knowledge and the Wealth of Nations does for economics." —Boston Globe A stimulating and inviting tour of modern economics centered on the story of one of its most important breakthroughs. In 1980, the twenty-four-year-old graduate student Paul Romer tackled one of the oldest puzzles in economics. Eight years later he solved it. This book tells the story of what has come to be called the new growth theory: the paradox identified by Adam Smith more than two hundred years earlier, its disappearance and occasional resurfacing in the nineteenth century, the development of new technical tools in the twentieth century, and finally the student who could see further than his teachers. Fascinating in its own right, new growth theory helps to explain dominant first-mover firms like IBM or Microsoft, underscores the value of intellectual property, and provides essential advice to those concerned with the expansion of the economy. Like James Gleick's Chaos or Brian Greene's The Elegant Universe, this revealing book takes us to the frontlines of scientific research; not since Robert Heilbroner's classic work The Worldly Philosophers have we had as attractive a glimpse of the essential science of economics.

Author: Alan Blinder
Publisher: Russell Sage Foundation
ISBN: 1610440684
Category : Business & Economics
Languages : en
Pages : 412

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Book Description
Why do consumer prices and wages adjust so slowly to changes in market conditions? The rigidity or stickiness of price setting in business is central to Keynesian economic theory and a key to understanding how monetary policy works, yet economists have made little headway in determining why it occurs. Asking About Prices offers a groundbreaking empirical approach to a puzzle for which theories abound but facts are scarce. Leading economist Alan Blinder, along with co-authors Elie Canetti, David Lebow, and Jeremy B. Rudd, interviewed a national, multi-industry sample of 200 CEOs, company heads, and other corporate price setters to test the validity of twelve prominent theories of price stickiness. Using everyday language and pertinent scenarios, the carefully designed survey asked decisionmakers how prominently these theoretical concerns entered into their own attitudes and thought processes. Do businesses tend to view the costs of changing prices as prohibitive? Do they worry that lower prices will be equated with poorer quality goods? Are firms more likely to try alternate strategies to changing prices, such as warehousing excess inventory or improving their quality of service? To what extent are prices held in place by contractual agreements, or by invisible handshakes? Asking About Prices offers a gold mine of previously unavailable information. It affirms the widespread presence of price stickiness in American industry, and offers the only available guide to such business details as what fraction of goods are sold by fixed price contract, how often transactions involve repeat customers, and how and when firms review their prices. Some results are surprising: contrary to popular wisdom, prices do not increase more easily than they decrease, and firms do not appear to practice anticipatory pricing, even when they can foresee cost increases. Asking About Prices also offers a chapter-by-chapter review of the survey findings for each of the twelve theories of price stickiness. The authors determine which theories are most popular with actual price setters, how practices vary within different business sectors, across firms of different sizes, and so on. They also direct economists' attention toward a rationale for price stickiness that does not stem from conventional theory, namely a strong reluctance by firms to antagonize or inconvenience their customers. By illuminating how company executives actually think about price setting, Asking About Prices provides an elegant model of a valuable new approach to conducting economic research.

Author: Thomas Sowell
Publisher: Hachette UK
ISBN: 1541602757
Category : Law
Languages : en
Pages : 607

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Book Description
With a new preface by the author, this reissue of Thomas Sowell's classic study of decision making updates his seminal work in the context of The Vision of the Annointed, Sowell, one of America's most celebrated public intellectuals, describes in concrete detail how knowledge is shared and disseminated throughout modern society. He warns that society suffers from an ever-widening gap between firsthand knowledge and decision making—a gap that threatens not only our economic and political efficiency, but our very freedom because actual knowledge gets replaced by assumptions based on an abstract and elitist social vision f what ought to be.Knowledge and Decisions, a winner of the 1980 Law and Economics Center Prize, was heralded as a ”landmark work” and selected for this prize ”because of its cogent contribution to our understanding of the differences between the market process and the process of government.” In announcing the award, the center acclaimed Sowell, whose ”contribution to our understanding of the process of regulation alone would make the book important, but in reemphasizing the diversity and efficiency that the market makes possible, [his] work goes deeper and becomes even more significant.”

Author: Ali Madanipour
Publisher: Routledge
ISBN: 1136720022
Category : Business & Economics
Languages : en
Pages : 299

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Book Description
This book explores the relationship between space and economy, the spatial expressions of the knowledge economy. The capitalist industrial economy produced its own space, which differed radically from its predecessor agrarian and mercantile economies. If a new knowledge-based economy is emerging, it is similarly expected to produce its own space to suit the new circumstances of production and consumption. If these spatial expressions do exist, even if in incomplete and partial forms, they are likely to be the model for the future of cities.

Author: Verna Allee
Publisher: Routledge
ISBN: 1136357904
Category : Business & Economics
Languages : en
Pages : 297

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Book Description
Verna Allee, whose groundbreaking book 'The Knowledge Evolution' helped usher in the exploding field of knowledge management, has brought her experience-tested insights into an exciting new synthesis, penetrating to the very heart of value creation. 'The Future of Knowledge' strips away traditional business thinking to reveal the new patterns of management thought and practice essential for success in a more complex world. With a gift for making the complex simple and practical, Allee weaves together diverse threads such as business webs, communities of practice, knowledge technologies, intangibles, network analysis, and biology to show why organizations must be supported as living systems before their natural networked pattern of organization can emerge. Embodying Allee's visionary approach, 'The Future of Knowledge' brings forward a practical view of new theories, frameworks, tools, and methods offering businesses a guide to managing the increasing levels of complexity within their organizations and in society at large. 'The Future of Knowledge' works on many levels: * At the strategic level, the new tools are intangible scorecards and understanding value networks * At the tactical level, the knowledge management tools for exchanging and applying knowledge are knowledge networks and communities of practice * At the operational level, a wealth of new technologies is supporting the codification, storage and delivery of the knowledge people need to complete their routine tasks.

Author: Hugh Lauder
Publisher: Routledge
ISBN: 1136730958
Category : Business & Economics
Languages : en
Pages : 265

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Book Description
Leading scholars from the US, the UK, Australia and New Zealand question whether current policies relating to knowledge, learning and assessment are consistent with the kinds of workers and skills required for the knowledge economy?

Author: John Bryson
Publisher: Routledge
ISBN: 1134656785
Category : Science
Languages : en
Pages : 336

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Book Description
We are now living through a period of knowledge capitalism in which, as Castells put it, 'the action of knowledge upon knowledge is the main source of productivity.' In the face of such transformation, the economic, social and institutional contours of contemporary capitalism are being reshaped. At the heart of this world are an emergent set of economies, regions, institutions and peoples central of the flows and translations of knowledge. This book provides an interdisciplinary review of the triad of knowledge, space, economy on entering the twenty-first century. Drawing on a variety of disciplinary backgrounds, the first part of the book comprises a set of statements by leading authors on the role of knowledge in capitalism. Thereafter, the remaining two parts of the book explore the landscape of knowledge capitalism through a series of analyses of knowledge in action within a range of economic, political and cultural contexts. Bringing together a set of authors from across the social sciences, this book provides both a major theoretical statement on understanding the economic world and an empirical exemplification of the power of knowledge in shaping the spaces and places of today's society.