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Microtheory: Applications and Origins

Author

Listed:
  • William J. Baumol

    (New York University)

Abstract

This volume of seventeen previously published essays by William J. Baumol brings together work on the theory of contestable markets, welfare theory, antitrust, pricing, and the history of economic thought. Written between 1971 and 1983, they have sparked productive extensions and criticism in microeconomic theory and provide an engaging intellectual history of one of the leading figures in the field of economics. Baumol introduces each of the book's four parts, presenting his subsequent views on the subjects covered in the reprinted articles, including some important amendments. The book opens with an autobiographical essay that presents the intellectual climate of economics in the 1940s in which Kenneth Arrow, Frank Hahn, Martin Shubik, Otto Eckstein, and Gary Becker were beginning their careers. Baumol's introductory essays to the book's major sections take up the threads from this autobiographical piece and follow them to the development of concepts central to economic theory, applications, and methodology. Three essays in the first part provide an underpinning for the theory of contestable markets. In the second part five essays explore issues in welfare economics such as the role of diminishing and increasing returns may play the role of symmetric obstacles to Pareto optimality. Essays in the third part range from regulation and antitrust to urban economics to the Phillips curve and the pitfalls of using, in the analysis of real issues, dual values derived from linear models when the underlying reality is nonlinear. Those in the concluding part focus on the history of economic ideas such as the Smithian versus Marxian view of business morality and the social interest, the Marxian concept of value transformation, the iron law of wages, and Say's law.

Suggested Citation

  • William J. Baumol, 1986. "Microtheory: Applications and Origins," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262022451, April.
  • Handle: RePEc:mtp:titles:0262022451
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    Cited by:

    1. Giovanni DOSI & Maria Enrica VIRGILLITO, 2019. "Whither the evolution of the contemporary social fabric? New technologies and old socio‐economic trends," International Labour Review, International Labour Organization, vol. 158(4), pages 593-625, December.
    2. O'Regan, Michael & Bhati, U.N., 1991. "Pricing and allocation of logs in Australia," Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) Archive 316173, Australian Government, Australian Bureau of Agricultural and Resource Economics and Sciences.
    3. Jesse Malkin & Aaron Wildavsky, 1991. "Why the Traditional Distinction between Public and Private Goods Should be Abandoned," Journal of Theoretical Politics, , vol. 3(4), pages 355-378, October.
    4. Yuanyuan Hu & Shouming Chen & Fangjun Qiu & Peien Chen & Shaoxiong Chen, 2021. "Will the Volume-Based Procurement Policy Promote Pharmaceutical Firms’ R&D Investment in China? An Event Study Approach," IJERPH, MDPI, vol. 18(22), pages 1-21, November.
    5. Lu, Zhentong & Zhang, Sisi & Hong, Jian, 2021. "Examining the impact of home purchase restrictions on China's housing market," China Economic Review, Elsevier, vol. 67(C).
    6. Gala, Paulo & Rodrigues Júnior, Luiz Antonio & Castro, Lavinia Barros de & Carvalho, André Roncaglia de, 2022. "The imperfect competition ladder in economic development: a new map of world trade using complexity analysis," Textos para discussão 559, FGV EESP - Escola de Economia de São Paulo, Fundação Getulio Vargas (Brazil).
    7. Valentiny, Pál, 2024. "Mennyire innovatívak a Big Tech vállalatok? [How innovative are Big Tech companies?]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 22-56.
    8. Mohammad Alauddin & Adrian Ashman, 2014. "The changing academic environment and diversity in students study philosophy, beliefs and attitudes in higher education," Discussion Papers Series 511, School of Economics, University of Queensland, Australia.
    9. Choo, Yap Yin & Corbo, Leonardo & Wang, Kun, 2018. "Joint impact of airline market structure and airport ownership on airport market power and profit margin," Transport Policy, Elsevier, vol. 72(C), pages 67-78.
    10. Wirginia Doryń & Dorota Stachera, 2008. "Wpływ internacjonalizacji na wyniki ekonomiczne największych polskich przedsiębiorstw przemysłowych," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 11-12, pages 95-114.

    More about this item

    Keywords

    microeconomic theory; say's law; history of economic thought; urban economics; regulation; antitrust; welfare economics;
    All these keywords.

    JEL classification:

    • A31 - General Economics and Teaching - - Multisubject Collective Works - - - Multisubject Collected Writings of Individuals
    • D0 - Microeconomics - - General

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