A Market Process Theory of the Firm: An Alternative to the Neoclassical Model by Mateusz Machaj (Hardcover, 2021)

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ISBN-13: 9780367749248, 978-0367749248. Neoclassical economics has been criticized from various angles by orthodox schools. It follows a step-by-step approach, which starts off with neoclassical assumptions and then moves into more empirically sound theory, based on modeling logic and rooted in real world examples.

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Neoclassical economics has been criticized from various angles by orthodox schools. The same can be said about its particular branch: the theory of the firm. This book demonstrates how a successful theory of the firm can be presented without flawed notions of a neoclassical framework and used to comprehend actual business history. The author argues that we should start from the assumption that businesses are inevitably imponderable, as that is their nature, in the process of economic evolution. The book offers an in-depth exploration of neoclassical limitations by examining each of the small details associated with the famous MR = MC rule. It follows a step-by-step approach, which starts off with neoclassical assumptions and then moves into more empirically sound theory, based on modeling logic and rooted in real world examples. The author presents a novel discussion on the size of the firm, both in terms of classifying a firm's expansion and about the factors that limit the size of the firm and argues how formal pricing theory can be built using more indeterminate assumptions about firms. Further, there is a discussion on how firms are rooted in amorphous industries, which helps to explain economic progress better by emphasizing the importance of economic experiments, mistakes and bankruptcies. This is a valuable reference for scholars and researchers who are interested in a range of topics from microeconomics, through pricing theory to industrial organization, history of economic thought and managerial economics.

Product Identifiers

PublisherTaylor & Francis LTD
ISBN-139780367749248
eBay Product ID (ePID)4049038935

Product Key Features

Number of Pages102 Pages
LanguageEnglish
Publication NameA Market Process Theory of the Firm: an Alternative to the Neoclassical Model
Publication Year2021
SubjectEconomics
TypeTextbook
AuthorMateusz Machaj
Subject AreaOrganizational Sociology
SeriesRoutledge Studies in the Economics of Business and Industry
FormatHardcover

Dimensions

Item Height234 mm
Item Weight290 g
Item Width156 mm

Additional Product Features

Country/Region of ManufactureUnited Kingdom
Title_AuthorMateusz Machaj

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