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Specialization, Search Costs, and the Degree of Resource Utilization

In: Arrow and the Ascent of Modern Economic Theory

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  • Melvin W. Reder

Abstract

In most contexts, an economy’s rate of output is said to be determined by its resource endowment, technology, tastes, the distribution of resource ownership, and so on. Although most items on such a list occasion no disagreement, there is one prominent exception: to suggest that the degree to which productive resources are utilized materially influences an economy’s level of output will immediately provoke a dispute with those who consider that departures from full utilization are transitory or even illusory.

Suggested Citation

  • Melvin W. Reder, 1987. "Specialization, Search Costs, and the Degree of Resource Utilization," Palgrave Macmillan Books, in: George R. Feiwel (ed.), Arrow and the Ascent of Modern Economic Theory, chapter 15, pages 498-518, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-07239-2_15
    DOI: 10.1007/978-1-349-07239-2_15
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