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Division Of Labour And Transaction Costs: An Introduction

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  • YEW-KWANG NG

    ()
    (Department of Economics, Monash University, Clayton, Victoria, Australia 3800, Australia)

Abstract

While the role of division of labour is very important, in itself its scope for promoting economic growth is limited. This scope is tremendously expanded when division of labour is compounded with that of capital accumulation and technical progress and the interaction/reinforcing effects between these three important sources and their interaction with growth itself. The pioneering work of Xiaokai Yang's contributions to the analysis of the division of labour and the evolution of economic organization and growth is also briefly outlined and some future research directions, especially regarding the problems of coordination/entrepreneurship and economic efficiency, is discussed.

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Bibliographic Info

Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal Division of Labor & Transaction Costs.

Volume (Year): 01 (2005)
Issue (Month): 01 ()
Pages: 1-13

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Handle: RePEc:wsi:dltcxx:v:01:y:2005:i:01:p:1-13

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Keywords: Division of labour; transaction costs; increasing returns; capital accumulation; technical progress;

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