£111.63

Routledge Cost, Uncertainty and Welfare - Frank Knight Theory

Name: Routledge Cost, Uncertainty and Welfare - Frank Knight Theory
Brand: Routledge
Price: 111.63 GBP
Availability: InStock

Anthropology & Sociology

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Description

Explore the complex economic landscape of imperfect competition with this Routledge Revival edition. This work examines the foundational theories of Frank Knight, specifically how uncertainty expands our understanding of economic welfare. By applying a new cost analysis, the text provides a way to unlock the deep insights found within the Knightian corpus. The book investigates the relationship between uncertainty and market control. It develops the idea that uncertainty-control costs can be reduced, noting how large firms may gain economic rent by using their dominant market positions. This analysis helps readers understand the mechanics of market power and the economic advantages held by major industry players. Additionally, the text explores the intellectual connection between Knight and Edward Chamberlin. It examines how Knight provided the stimulus for Chamberlin's thesis on monopolistic competition, while also noting the differences in how Chamberlin approached the concept of uncertainty. This is an essential resource for students and scholars interested in economic history and the evolution of competitive theory.

Key Features

Analyzes how uncertainty broadens the traditional conception of economic welfare within market theories.

Provides a new cost analysis designed to unlock and interpret the core of the Knightian corpus.

Examines the reduction of uncertainty-control costs and how large firms utilize market dominance.

Explores the economic rent gained by dominant firms through their specific vantage points in the market.

Traces the intellectual influence of Frank Knight on Chamberlin's thesis of monopolistic competition.

Offers a detailed comparison between Knight's theories and Chamberlin's abstract approach to uncertainty.

Product Specifications

Brand: Routledge
Format: hardcover
ASIN: 1138611174
Category: Books > Subjects > Biography > Medical, Legal & Social Sciences > Anthropology & Sociology
Domain: Amazon UK
Release Date: 12 December 2018
Listed Since: 15 July 2018

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Routledge Cost, Uncertainty and Welfare - Frank Knight Theory

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