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On the Emergence and Evolution of Mark-up Middlemen: An Inframarginal Model

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  • Chun Pang
  • He-ling Shi

Abstract

This paper is aimed to provide an economic interpretation on the emergence and evolution of the specialised middlemen whose duty is to facilitate the transactions of goods and services in an economy. In a general equilibrium framework, the emergence and evolution of the specialised middlemen conforms to Adam Smith’s insight of deepening specialisation and the division of labour with the improvement in institutions and/or transaction technologies. Consequently, the emergence and the growth of the intermediation sector in both absolute and relative terms, the expansion of the network which provides transaction services, the evolution of market structure from autarky towards division of labour, the improvement in productivity, the reduction in wholesaling-retailing price dispersion, will be realised in concurrency

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File URL: http://www.buseco.monash.edu.au/eco/research/papers/2010/2410emergencepangshi.pdf
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Bibliographic Info

Paper provided by Monash University, Department of Economics in its series Monash Economics Working Papers with number 24-10.

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Length: 28 pages
Date of creation: May 2010
Date of revision:
Handle: RePEc:mos:moswps:2010-24

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Keywords: middlemen; transaction efficiency; inframarginal economics;

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  1. O'Rourke, Kevin H & Taylor, Alan M & Williamson, Jeffrey G, 1996. "Factor Price Convergence in the Late Nineteenth Century," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 37(3), pages 499-530, August.
  2. Jiandong Ju & Scott C. Linn & Zhen Zhu, 2010. "Middlemen and Oligopolistic Market Makers," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 19(1), pages 1-23, 03.
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