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The Resource‐based View: Aligning Strategy and Competitive Equilibrium

Nicolai J. Foss

in Strategy, Economic Organization, and the Knowledge Economy: The Coordination of Firms and Resources

Published in print:
2005
Published Online:
April 2005
ISBN:
9780199240647
eISBN:
9780191602177
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199240647.003.0003
Subject:
Economics and Finance, Economic Systems

Resource-based view of the firm (RBV) has emerged as the dominant approach to strategy-content theory. However, the RBV was developed in hurry by a few key contributors, while its nearly 20 years of ... More


Formal Approaches

Joseph E. Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar

in Stability with Growth: Macroeconomics, Liberalization and Development

Published in print:
2006
Published Online:
September 2006
ISBN:
9780199288144
eISBN:
9780191603884
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199288143.003.0009
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter discusses advances in formal economic theory by examining how different positions among economists arise from their different assumptions and models. The discussion focuses on ways in ... More


Equilibrium Growth. (III) Normative Properties

Michio Morishima

in Theory of Economic Growth

Published in print:
1969
Published Online:
November 2003
ISBN:
9780198281641
eISBN:
9780191596667
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198281641.003.0009
Subject:
Economics and Finance, Development, Growth, and Environmental

Devoted to establishing the optimality of competitive equilibrium paths of various orders. So far three kinds of equilibrium growth paths have been discussed in the book: the Cassel–von Neumann path ... More


Equilibrium Growth (II) Hicks‐Malinvaud Trajectories

Michio Morishima

in Theory of Economic Growth

Published in print:
1969
Published Online:
November 2003
ISBN:
9780198281641
eISBN:
9780191596667
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198281641.003.0008
Subject:
Economics and Finance, Development, Growth, and Environmental

Devoted to establishing the existence of competitive equilibrium paths of various orders, and looks in particular at the Hicks–Malinvaud equilibrium growth path. The different sections cover ... More


Business Cycles

GREGORY C. CHOW

in Dynamic Economics: Optimization by the Lagrange Method

Published in print:
1997
Published Online:
October 2011
ISBN:
9780195101928
eISBN:
9780199855032
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195101928.003.0005
Subject:
Economics and Finance, Financial Economics

Because of the Great Depression that hit the United States during the early 1930s, Keynes was able to conclude in his work entitled General Theory that institutions of a market economy cannot always ... More


Competitive Economies

Lars Peter Hansen and Thomas J. Sargent

in Recursive Models of Dynamic Linear Economies

Published in print:
2013
Published Online:
October 2017
ISBN:
9780691042770
eISBN:
9781400848188
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691042770.003.0007
Subject:
Economics and Finance, History of Economic Thought

This chapter describes a decentralized economy. It assigns ownership and decision making to three distinct economic entities, a household and two kinds of firms. It defines a competitive equilibrium. ... More


Real National Income as a Measure of General Well‐Being

Partha Dasgupta

in An Inquiry into Well-Being and Destitution

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198288350
eISBN:
9780191596094
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198288352.003.0009
Subject:
Economics and Finance, Development, Growth, and Environmental

The main part of this chapter discusses decentralization and central guidance in relation to resource allocation. There are seven sections: (1) competitive mechanisms in the private realm; (2) the ... More


Welfare Economics and Economies of Scale

James A. Mirrlees

in Welfare, Incentives, and Taxation

Published in print:
2006
Published Online:
October 2011
ISBN:
9780198295211
eISBN:
9780191685095
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198295211.003.0006
Subject:
Economics and Finance, Public and Welfare, Development, Growth, and Environmental

This chapter discusses the different ‘fundamental’ theorems of welfare economics. One theorem states that a competitive equilibrium is Pareto-efficient and that a welfare optimum can be implemented ... More


Decentralization and Central Guidance

Partha Dasgupta

in An Inquiry into Well-Being and Destitution

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198288350
eISBN:
9780191596094
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198288352.003.0008
Subject:
Economics and Finance, Development, Growth, and Environmental

The main part of this chapter discusses decentralization and central guidance in relation to resource allocation. There are seven sections: (1) competitive mechanisms in the private realm; (2) the ... More


Maximization of Bequests: The First Turnpike Theorem

Michio Morishima

in Theory of Economic Growth

Published in print:
1969
Published Online:
November 2003
ISBN:
9780198281641
eISBN:
9780191596667
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198281641.003.0010
Subject:
Economics and Finance, Development, Growth, and Environmental

The conditions for the Golden Equilibrium have been established earlier in the book and this chapter turns to an examination of the economy for stability; it asks whether a Hicks–Malinvaud ... More


Oscillations Due to Consumer's Choice

Michio Morishima

in Theory of Economic Growth

Published in print:
1969
Published Online:
November 2003
ISBN:
9780198281641
eISBN:
9780191596667
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198281641.003.0011
Subject:
Economics and Finance, Development, Growth, and Environmental

Earlier chapters in the book have: introduced consumer's choice into the conventional framework of economic growth originated by J. von Neumann, and assumed that consumers are classified into two ... More


Periodic Models of Seasonality

Lars Peter Hansen and Thomas J. Sargent

in Recursive Models of Dynamic Linear Economies

Published in print:
2013
Published Online:
October 2017
ISBN:
9780691042770
eISBN:
9781400848188
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691042770.003.0014
Subject:
Economics and Finance, History of Economic Thought

Until now, each of the matrices defining preferences, technologies, and information flows has been specified to be constant over time. This chapter relaxes this assumption and lets the matrices be ... More


Optimal Resource Allocations

Lars Peter Hansen and Thomas J. Sargent

in Recursive Models of Dynamic Linear Economies

Published in print:
2013
Published Online:
October 2017
ISBN:
9780691042770
eISBN:
9781400848188
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691042770.003.0005
Subject:
Economics and Finance, History of Economic Thought

This chapter describes a planning problem that generates competitive equilibrium allocations and compares two methods for solving it. The first method uses state- and date-contingent Lagrange ... More


A Commodity Space

Lars Peter Hansen and Thomas J. Sargent

in Recursive Models of Dynamic Linear Economies

Published in print:
2013
Published Online:
October 2017
ISBN:
9780691042770
eISBN:
9781400848188
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691042770.003.0006
Subject:
Economics and Finance, History of Economic Thought

This chapter describes a concept of value that will be used to formulate a model in which the decisions of agents are reconciled in a competitive equilibrium. It describes a commodity space in which ... More


Linear Stochastic Difference Equations

Lars Peter Hansen and Thomas J. Sargent

in Recursive Models of Dynamic Linear Economies

Published in print:
2013
Published Online:
October 2017
ISBN:
9780691042770
eISBN:
9781400848188
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691042770.003.0002
Subject:
Economics and Finance, History of Economic Thought

This chapter describes the vector first-order linear stochastic difference equation. It is first used to represent information flowing to economic agents, then again to represent competitive ... More


When Is Competitive Behaviour a Best Response?

Anjan Mukherji

in Emerging Issues in Economic Development: A Contemporary Theoretical Perspective

Published in print:
2014
Published Online:
January 2015
ISBN:
9780198099062
eISBN:
9780199084982
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198099062.003.0001
Subject:
Economics and Finance, Development, Growth, and Environmental

The chapter shows that if everyone else makes their competitive transactions, it is not in one’s best interest to make the competitive transaction; thus the question asked in the title has to be ... More


Public, Private and Environmental Goods

Agnar Sandmo

in The Public Economics of the Environment

Published in print:
2000
Published Online:
November 2003
ISBN:
9780198297987
eISBN:
9780191596858
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019829798X.003.0002
Subject:
Economics and Finance, Development, Growth, and Environmental

The basic general equilibrium model of resource allocation is extended to take environmental goods and externalities into account. The conditions for social welfare maximization and Pareto optimality ... More


Statistical Representations

Lars Peter Hansen and Thomas J. Sargent

in Recursive Models of Dynamic Linear Economies

Published in print:
2013
Published Online:
October 2017
ISBN:
9780691042770
eISBN:
9781400848188
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691042770.003.0008
Subject:
Economics and Finance, History of Economic Thought

This chapter describes links between competitive equilibria and autoregressive representations. It shows how to obtain an autoregressive representation for observable variables that are error-ridden ... More


On a Concept of Freedom

Prasanta K. Pattanaik and Yongsheng Xu

in Markets, Governance, and Institutions in the Process of Economic Development

Published in print:
2017
Published Online:
December 2017
ISBN:
9780198812555
eISBN:
9780191850356
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198812555.003.0003
Subject:
Economics and Finance, Development, Growth, and Environmental

A considerable segment of the recent analytical literature on freedom visualizes an individual’s freedom as his/her ability to choose any one of several alternative (mutually exclusive) outcomes ... More


The Modern Macroeconomic Approach and the Arrow-Debreu-McKenzie Model

Kartik B. Athreya

in Big Ideas in Macroeconomics: A Nontechnical View

Published in print:
2013
Published Online:
May 2014
ISBN:
9780262019736
eISBN:
9780262314404
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262019736.003.0002
Subject:
Economics and Finance, Macro- and Monetary Economics

How do macroeconomists talk to each other? What is the benchmark macroeconomic model? What’s a way to think about societal outcomes that are (i) not wasteful and (ii) stable?


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