Pure joint production

Article Abstract:

B. Schefold asserted in his 1989 book that the laws in single-product systems also apply in joint production. However, further examination reveals that single-product systems laws of w-r trade-off, uniqueness of the dominant technique, wage maximization property, and convergence of the algorithm do not apply in joint production. In addition, the square result derived by Schefold in his single-product system model is not derived in joint production since this type of economy is more complex as there are more commodities and processes involved.

Evaluation, Economic research, Beliefs, opinions and attitudes, Economists

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Transaction costs versus resource value?

Article Abstract:

The theory of firm resources and transaction cost economics (TCE) represent two of the primary innovations in firm and microeconomics modelling. The theory of firm economics, which is applied to most industrial organizations and in strategic management endeavors, has already dominated such fields as diversification. TCE, originally applied to theory of the firm, continues to exhibit substantial unresolved issues despite some significant progress.

Cost (Economics), Costs (Economics), Value (Economics)

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The discouraged entrepreneur: a model of self-employment with financial constraints

Article Abstract:

This article provides a model of self-employment with financial restraints. The author asserts that the entrepreneur can choose traditional or innovative models; difficulties in obtaining financing from banks which fail to correctly assess different types of projects may discourage potential entrepreneurs.

Italy, Analysis, Economic aspects, Self-employed persons, Self employed persons, Entrepreneurship

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