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Returns to Scale, Information and Economic Growth

In: Social Capability and Long-Term Economic Growth

Author

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  • Kenneth J. Arrow

Abstract

Where the theorist can be helpful is in sorting out the logical coherence of different kinds of assumptions. Typically, economic theory states the resource and technological limitations constraining the economy as a whole and individual agents within the economy, and postulates that the agents act rationally within these constraints. The constraints on individual agents derive in part from the constraints of the economy as a whole but in even greater measure from the very actions of other agents. The prices which an individual agent faces in his or her decisions are determined in one way or another by the aggregate choices of all the other agents.

Suggested Citation

  • Kenneth J. Arrow, 1995. "Returns to Scale, Information and Economic Growth," Palgrave Macmillan Books, in: Bon Ho Koo & Dwight H. Perkins (ed.), Social Capability and Long-Term Economic Growth, chapter 2, pages 11-18, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-13512-7_2
    DOI: 10.1007/978-1-349-13512-7_2
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    Cited by:

    1. Yew-Kwang Ng, 2009. "Average-Cost Pricing, Increasing Returns, and Optimal Output: Comparing Home and Market Production," Palgrave Macmillan Books, in: Increasing Returns and Economic Efficiency, chapter 9, pages 101-121, Palgrave Macmillan.

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