Specialization, Product Development, Evolution of the Institution of the Firm, and Economic Growth
AbstractThis paper considers the effects of the division of labor on economic growth and welfare in a general equilibrium environment where changes in individual specialization and product development can proceed simultaneously. The nature of the dynamic equilibrium is shown to depend on the interaction of transaction efficiency, economies of specialization, and economies of complementarity. Where the dynamic equilibrium involves evolution in the division of labor, this will be associated with increased per capita real income and hence economic growth. It is also shown that the emergence of firms is an aspect of the evolution of division of labor if transaction efficiency for a producer good is lower than that for labor used to produce this good.
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Bibliographic InfoArticle provided by Springer in its journal Journal of Evolutionary Economics.
Volume (Year): 5 (1995)
Issue (Month): 1 (February)
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Web page: http://link.springer.de/link/service/journals/00191/index.htm
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- Pak-Wai Liu & Xiaokai Yang, 1999.
"Division of Labor, Transaction Cost, Emergence of the Firm and Firm Size,"
CID Working Papers
10, Center for International Development at Harvard University.
- Yang, X. & Liu, P.W., 1999. "Division of Labor Transaction Cost, Emergence of the Firm and Firm Size," Papers 10, Chicago - Graduate School of Business.
- Xiaokai Yang, 2000. "Incomplete Contingent Labor Contract, Asymmetric Residual Rights and Authority, and the Theory of the Firm," CID Working Papers 45, Center for International Development at Harvard University.
- Cheng, Wenli & Yang, Xiaokai, 2004. "Inframarginal analysis of division of labor: A survey," Journal of Economic Behavior & Organization, Elsevier, vol. 55(2), pages 137-174, October.
- Xiaokai Yang, 1999.
"The Division of Labor, Investment, and Capital,"
CID Working Papers
8, Center for International Development at Harvard University.
- Liu, Pak-Wai & Yang, Xiaokai, 2000. "The theory of irrelevance of the size of the firm," Journal of Economic Behavior & Organization, Elsevier, vol. 42(2), pages 145-165, June.
- Sahoo, Biresh K. & Tone, Kaoru, 2013. "Non-parametric measurement of economies of scale and scope in non-competitive environment with price uncertainty," Omega, Elsevier, vol. 41(1), pages 97-111.
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