Specialization and Economic Organization: A New Classical Microeconomic Framework

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Table of Contents

Introduction 1
Pt. I Economies and Diseconomies of Specialization
Ch. 1 Analytical Frameworks of Economics 18
Ch. 2 Economies of Specialization and Transaction Costs 39
Ch. 3 The Pricing Mechanism and ex post Transaction Costs 71
Ch. 4 Economies and Diseconomies of Information Asymmetry 94
Pt. II Rethinking Trade Theory and Development Economics
Ch. 5 Why and How International Trade Emerges from Domestic Trade 117
Ch. 6 Emergence of Professional Middlemen and Urbanization 147
Ch. 7 Endogenous Evolution of the Division of Labor 176
Ch. 8 Concurrent Increases in Specialization and Consumption Variety 202
Pt. III Rethinking Theory of the Firm and Economics of Property Rights
Ch. 9 Why and How Firms Emerge from the Division of Labor 214
Ch. 10 Function of the Market in Searching for Efficient Contractual Arrangements 234
Ch. 11 The Extent of the Market and Rights Specified in a Contract vs. Rights to Contracting 257
Pt. IV Specialization and Hierarchical Structures of the Division of Labor
Ch. 12 Emergence of New Producer Goods and Related New Technology 277
Ch. 13 Economies of Roundaboutness and Industrialization 293
Ch. 14 Efficient Hierarchy and the Division of Labor 317
Pt. V Complicated Dynamic Mechanisms Generating Endogenous Evolution of the Division of Labor
Ch. 15 Entrepreneurship, Investment, and Experiments with Economic Organizations 340
Ch. 16 Concurrently Endogenous Evolution of Specialization, Firms, and Product Diversity 366
Pt. VI Empirical Evidence and Rethinking Macroeconomics
Ch. 17 Why and How Money Emerges from the Division of Labor 391
Ch. 18 The Division of Labor, Business Cycles, and Unemployment 411
Ch. 19 Testing the Theories in this Volume against Empirical Observations 434
Epilogue 471
References 482
Index 493
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