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Towards an observational economics of business behaviour: the horizontal supply curve, 'fuzzy' demand and other anomalies for conventional theory

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  • Ross, Bruce W.
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    Abstract

    This paper proposes the development of an 'observational economics' whose domain would be restricted to what is observable in the real world. Observational economics should be regarded as a separate but complementary undertaking to mainstream economics. Adoption of such an approach would enhance the reestablishment and development of interaction between economists and the business community. Phenomena such as price setting, unpredictable and variable demand, and inventories and order backlogs are argued to be anomalous from the viewpoint of conventional microeconomics, but fundamental to an observational perspective on business behaviour. A basic observational model of price and output determination for the price setting manufacturing firm is outlined.

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    File URL: http://mpra.ub.uni-muenchen.de/26783/
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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 26783.

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    Date of creation: 1996
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    Handle: RePEc:pra:mprapa:26783

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    Related research

    Keywords: observational economics; business behaviour; horizontal supply curve; fuzzy demand; inventories; order backlogs;

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    1. Eichner, Alfred S & Kregel, J A, 1975. "An Essay on Post-Keynesian Theory: A New Paradigm in Economics," Journal of Economic Literature, American Economic Association, vol. 13(4), pages 1293-1314, December.
    2. D. W. Carlton, 1976. "Market Behavior With Demand Uncertainty and Price Inflexibility," Working papers 179, Massachusetts Institute of Technology (MIT), Department of Economics.
    3. Cyert, Richard M & Hedrick, Charles L, 1972. "Theory of the Firm: Past, Present, and Future; An Interpretation," Journal of Economic Literature, American Economic Association, vol. 10(2), pages 398-412, June.
    4. Mueller, Dennis C., 1992. "The corporation and the economist," International Journal of Industrial Organization, Elsevier, vol. 10(2), pages 147-170, June.
    5. Richard B. Heflebower, 1955. "Full Costs, Cost Changes, and Prices," NBER Chapters, in: Business Concentration and Price Policy, pages 361-396 National Bureau of Economic Research, Inc.
    6. Victor Zarnowitz, 1962. "Unfilled Orders, Price Changes, and Business Fluctuations," NBER Books, National Bureau of Economic Research, Inc, number zarn62-1, May.
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