Specialization and a new approach to economic organization and growth
Article Abstract:
A new model of specialization can be applied to issues associated with the organization of exchange and production. A complete division of labor is evident in the general-equilibrium market structure if a high level of returns to specialization and transaction efficiency occurs. A partial division of labor occurs if intermediate levels of returns to specialization and transaction efficiency are reached, and autarky occurs if returns are low. Inside money or the commodity with the highest transaction efficiency is the medium of exchange when a complete division of labor occurs.
Publication Name: American Economic Review
Subject: Economics
ISSN: 0002-8282
Year: 1992
User Contributions:
Comment about this article or add new information about this topic:
Organizational form outside the principal-agent paradigm
Article Abstract:
The role of agents' limited capacities for acquiring and communicating organizational information in providing a rationale for hierarchies was examined. The study was designed to analyze the time required to evaluate and relay information on investment projects in various organizational forms. Results show that the relative advantage of the organizational hierarchy in discarding projects with negative expected profits becomes more important when an agent's screening rule changes to increase the probability of approving a project with any given level of profit.
Publication Name: Bulletin of Economic Research
Subject: Economics
ISSN: 0307-3378
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
Specialization, household production, and the measurement of economic growth
Article Abstract:
Economists who ignore the significance of household production may obtain an upwardly biased measure of economic growth. Household production shifts to market production as economic growth occurs. A model of household production shows that the household sector's relative size decreased between 1930 and 1985. Household output represented 28% of market output in 1985, compared to 73% in 1930. Compositional changes in the labor force and the decrease in time that women spent doing housework contributed to this decline.
Publication Name: American Economic Review
Subject: Economics
ISSN: 0002-8282
Year: 1992
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: The variety of distribution systems. Economic organization and conflict. Big-bang transformations on economic systems
- Abstracts: Inter-capital relations and the network organization: redefining the work and employment nexus. Between a rock and a hard place: US industrial unions, shop-floor participation and the lean, mean, global economy
- Abstracts: Privatization and economic performance throughout the UK business cycle. The impact of privatization and regulation on the water and sewerage industry in England and Wales: a translog cost function model
- Abstracts: The endowment effect and the role of uncertainty. A general approach to rational learning in games. The CES-translog production function, returns to scale and AES
- Abstracts: Saudi financial policies and capital markets. Labor in Yemen: workers bear brunt of economic problems and reform