Economics of Increasing Returns

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Presents a collection of 36 previously published articles by leading scholars in this key area of economics, written between 1928 and 1999. Papers cover main areas in which the recognition of increasing returns makes a significant difference. Articles are in sections on resource allocation and welfare economics, microfoundations of macroeconomics, product variety and imperfect competition, information and information technology, economic growth, and international trade. Some specific topics are stable disequilibrium prices, information economies of scale, increasing returns and long-run growth, and monopolistic competition and international trade. Lacks a subject index. Annotation c. Book News, Inc., Portland, OR (
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Table of Contents

Acknowledgements ix
Introduction xiii
Part I Resource Allocation and Welfare
A Alternatives to the Market
1. 'A General Saddle Point Result for Constrained Optimization', in Kenneth J. Arrow and Leonid Hurwicz (eds), Studies in Resource Allocation Processes, Cambridge: Cambridge University Press, 178-85 (1977) 5
2. 'Planning without Prices', Review of Economic Studies, XXXVI (3), July, 347-62 (1969) 13
3. 'Planning, Prices and Increasing Returns', Review of Economic Studies, XXXVIII (3), July, 281-94 (1971) 29
4. 'The Structure of the Equilibrium Points of Heal's Process', Review of Economic Studies, XLII (3), July, 457-67 (1975) 43
5. 'An Investment Planning Process for an Economy with Increasing Returns', Review of Economic Studies, XXXVIII (3), July, 273-80 (1971) 54
6. 'A Quantity-Quantity Algorithm for Planning under Increasing Returns to Scale', Econometrica, 45 (6), September, 1339-48 (1977) 62
7. 'Equivalence of Saddle-Points and Optima for Non-Concave Programmes', Advances in Applied Mathematics, 5, 398-415 (1984) 72
B General Equilibrium
8. 'Pareto Optimality in Non-Convex Economies', Econometrica, 43 (1), January, 1-29 (1975) 93
9. 'Equity, Efficiency and Increasing Returns', Review of Economic Studies, XLVI (4), No. 145, October, 571-85 (1979) 122
10. 'On Marginal Cost Pricing with Given Tax-Subsidy Rules', Journal of Economic Theory, 37 (2), December, 356-65 (1985) 137
11. 'On a General Existence Theorem for Marginal Cost Pricing Equilibria', Journal of Economic Theory, 38 (2), April, 371-79 (1986) 147
12. 'Marginal vs. Average Cost Pricing in the Presence of a Public Monopoly', American Economic Review, 73 (2), May, 189-93 (1983) 156
13. 'Is Perfect Price Discrimination Really Efficient?: Welfare and Existence in General Equilibrium', Econometrica, 66 (4), July, 897-922 (1998) 161
14. 'Competitive Equilibria with Quantity-Taking Producers and Increasing Returns to Scale', Journal of Mathematical Economics, 17, 209-30 (1988) 187
Part II Micro Foundations of Macroeconomics
15. 'Stable Disequilibrium Prices', Economics Letters, 40, 423-28 (1992) 211
16. 'Chaotic Price Dynamics, Increasing Returns and the Phillips Curve', Journal of Economic Behavior and Organization, 27, 279-91 (1995) 217
17. 'Increasing Returns and the Foundations of Unemployment Theory', Economic Journal, 92, December, 787-804 (1982) 230
18. 'Rational Rationing and Increasing Returns: An Example', Economics Letters, 8 (1), 19-27 (1981) 248
19. 'Macrodynamics and Returns to Scale', Economic Journal, 96, March, 191-8 (1986) 257
Part III Product Variety and Imperfect Competition
20. 'Monopolistic Competition and Optimum Product Diversity', American Economic Review, 67 (3), June, 297-308 (1977) 267
21. 'Spatial Structure in the Retail Trade: A Study in Product Differentiation with Increasing Returns', Bell Journal of Economics, 11 (2), Autumn, 565-83 (1980) 279
22. 'Product Selection, Fixed Costs, and Monopolistic Competition', Review of Economic Studies, XLIII (2), June, 217-35 (1976) 298
Part IV Increasing Returns, Information and Information Technology
23. 'Clio and the Economics of QWERTY', American Economic Review, 75 (2), May, 332-7 (1985) 319
24. 'Price and Market Share Dynamics in Network Industries', in Graciela Chichilnisky (ed.), Markets, Information, and Uncertainty: Essays in Economic Theory in Honor of Kenneth J. Arrow, Chapter 10, New York: Cambridge University Press, 191-215 (1999) 325
25. 'Competing Technologies, Increasing Returns, and Lock-in by Historical Events', Economic Journal, 99, March, 116-31 (1989) 350
26. 'Informational Economies of Scale', Bell Journal of Economics, 6 (1), Spring, 184-95 (1975) 366
27. 'A Nonconcavity in the Value of Information', in Marcel Boyer and Richard E. Kihlstrom (eds), Bayesian Models in Economic Theory, Chapter 3, Amsterdam: Elsevier Science Publishers BV, 33-52 (1984) 378
Part V Economic Growth
28. 'Increasing Returns and Economic Progress', Economic Journal, XXXVIII (152), December, 527-42 (1928) 401
29. 'The Economic Implications of Learning by Doing', Review of Economic Studies, 29 (3), 155-73 (1962) 417
30. 'Optimum Saving with Economies of Scale', Review of Economic Studies, XLII (3), 303-25 (1975) 436
31. 'Existence and Characterization of Optimal Growth Paths Including Models with Non-Convexities in Utilities and Technologies', Review of Economic Studies, XLVIII (1), 51-61 (1981) 459
32. 'Increasing Returns and Long-Run Growth', Journal of Political Economy, 94 (5), October, 1002-37 (1986) 470
Part VI International Trade
33. 'Increasing Returns, Monopolistic Competition, and International Trade', Journal of International Economics, 9, 469-79 (1979) 509
34. 'Trade Regimes and Gatt: Resource Intensive vs. Knowledge Intensive Growth', in Economic Systems merged with Journal of International and Comparative Economics, 20, 147-81 (1996) 520
35. 'Large-Scale Technologies and Patterns of Trade', in The Evolving International Economy, Chapter 10, Cambridge: Cambridge University Press, 122-35 (1986) 555
36. 'A Ricardo Model with Economies of Scale', Journal of Economic Theory, 62, 394-419 (1994) 569
Name Index 595
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