Recognizing increasing returns disrupts much of the established wisdom in economic analysis, making money non-neutral, equity conflict with freedom, and encouraging goods with increasing returns efficient. This book discusses these problems and ways they can be handled, helping to explain phenomena in the real world.
Table of Content
Introduction Devastating Implications of Increasing Returns on Some Traditional Conclusions Equity and Efficiency vs. Freedom and Fairness: An Inherent Conflict Existence of Average-Cost Pricing Equilibria with Increasing Returns The Efficiency of Encouraging Goods with High Degrees of Increasing Returns Division of Labour: Increasing Returns at the Economy Level The Smith Dilemma and Its Resolution Why Should Governments Encourage Improvements on Infrastructure? Indirect Network Externality of Transaction Efficiency Average-cost Pricing, Increasing Returns, and Optimal Output: Comparing Home and Market Production Do the Economies of Specialization Justify the Work Ethics? An Examination of Buchanan’s Hypothesis Specialization, Trade and Growth Conceptual and Policy Implications: Concluding Discussion
About the author
YEW-KWANG NG is Professor of Economics at Monash University and fellow of the Academy of Social Sciences in Australia, where he recently received the Distinguished Fellow Award, 2007, Economic Society of Australia. He has published papers in leading journals in economics as well as in biology, mathematics, philosophy, psychology, and sociology.
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