Increasing Returns and Economic Efficiency - Y. Ng

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Increasing Returns and Economic Efficiency

By: Y. Ng

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Hardcover | 30 April 2009 | Edition Number 1

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Hardcover
216 Pages

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21.59 x 13.97 x 1.42

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A number of multinational corporations (MNCs) from developing economies are becoming key players in the global economy. The world's secondlargest forgingsmaker comes from India; the biggest Nordic insurer was bought by a South African competitor; a Mexican company reinvented the global cement business; and Brazilian restaurant chains sponsor immigration visas for highlyskilled meat carvers to support their American expansions. Understanding these trends and their implications is a priority for academics, policymakers and business professionals alike. Do these developments vindicate the view that globalization opens up unprecedented opportunities for the South to catch up with the North? Are these "emerging MNCs" any different from their competitors from industrial countries? Does private sector direct engagement herald a new era for SouthSouth cooperation? As this book shows, emerging MNCs must be analyzed in the context of the global political economy.

Industry Reviews

'The role of increasing returns in the economy has been studied since the time of Adam Smith, yet it does not accord well with standard theories of competitive equilibrium. Yew-Kwang Ng has now presented in a comprehensive fashion the implications of taking increasing returns seriously and shown how they can be analyzed in a useful and highly original manner.' - Professor Kenneth Arrow, Nobel Laureate in Economics, Stanford University, US.

'Our failure to grapple adequately with the challenges of increasing returns is one of the great scandals of economics. But the problems are so hard that most people just look away. So hooray for Yew-Kwang Ng, who in this book shows that we can make progress in this area, and that incorporating increasing returns makes a fundamental difference to how we see the world.' - Professor Geoffrey Heal, Columbia Business School, US.

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List of Illustrations	p. x
Acknowledgement	p. xi
Preface	p. xii
Introduction	p. 1
Devastating Implications of Increasing Returns on Some Traditional Conclusions	p. 9
Possible non-neutrality of money	p. 9
Pecuniary external effects may have real efficiency implications	p. 16
Market equilibrium no longer Pareto optimal	p. 18
Equity and Efficiency versus Freedom and Fairness: An Inherent Conflict	p. 22
Introduction	p. 22
The E-F Conflict	p. 25
A specific model	p. 34
Concluding remarks	p. 38
	p. 39
Existence of Average-Cost Pricing Equilibria with Increasing Returns	p. 40
The Efficiency of Encouraging Goods with High Degrees of Increasing Returns	p. 46
The general case	p. 46
A specific case illustrated	p. 52
Division of Labour: Increasing Returns at the Economy Level	p. 55
Introduction: Marginal versus inframarginal analysis	p. 55
Basic inframarginal analysis of division of labour	p. 57
Pareto optimality of general equilibrium in the new framework - the higher role of entrepreneurship	p. 59
Some welfare economic issues of division of labour	p. 62
Some implications	p. 66
A simple model of the Yang-Ng framework of division of labour	p. 70
Division of labour, coordination, and entrepreneurship	p. 72
The Smith Dilemma and Its Resolution	p. 76
Towards a resolution of the Smith dilemma	p. 77
The efficiency of the market: A simulation using the Dixit-Stiglitz model	p. 80
Concluding remarks	p. 86
Why Should Governments Encourage Improvements on Infrastructure? Indirect Network Externality of Transaction Efficiency	p. 88
Why should governments encourage improvements in transaction efficiency?	p. 88
A perspective from the Yang-Ng framework	p. 91
Introducing the role of the government	p. 98
Concluding remarks	p. 100
Average-Cost Pricing, Increasing Returns, and Optimal Output: Comparing Home and Market Production	p. 101
A model with home and market production	p. 104
A model with home and differentiated market production	p. 112
Concluding remarks	p. 120
Do the Economies of Specialization Justify the Work Ethics? An Examination of Buchanan's Hypothesis	p. 122
Introduction	p. 122
Specialization and consumption constraints	p. 124
Does the economy of specialization make work ethics welfare-improving? A terms-of-trade approach	p. 129
Does the economy of specialization make work ethics welfare-improving? Further investigations	p. 134
Concluding remarks	p. 147
	p. 150
Specialization, Trade, and Growth	p. 154
Introduction	p. 154
The new classical trade theory	p. 156
The enrichment of a sector benefits others: The case of trade for specialization	p. 164
Conceptual and Policy Implications: Concluding Discussion	p. 169
Notes	p. 177
References	p. 182
Author Index	p. 195
Subject Index	p. 199
Table of Contents provided by Ingram. All Rights Reserved.

Increasing Returns and Economic Efficiency

At a Glance

Hardcover

Industry Reviews

Shipping

How to return your order

Defective items

You Can Find This Book In

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