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The Resource Human agency and material welfare : revisions in microeconomics and their implications for public policy, by Morris Altman

Human agency and material welfare : revisions in microeconomics and their implications for public policy, by Morris Altman

Label
Human agency and material welfare : revisions in microeconomics and their implications for public policy
Title
Human agency and material welfare
Title remainder
revisions in microeconomics and their implications for public policy
Statement of responsibility
by Morris Altman
Creator
Subject
Language
eng
Summary
"Some of the fundamental tenets of conventional economic wisdom, which have had a profound impact on public policy, are challenged in this book. These precepts include the affirmation that low wages are more beneficial that high wages to the process of growth and development; convergence in terms of output per person is just a matter of time; minimum wage laws and trade unions negatively impact on the economy as a whole; pay inequality due to labor market discrimination cannot persist over time; larger firms are typically more efficient than smaller firms; and culture is of little consequence to the course of economic development. Such predictions, the author argues, are a product of unrealistic behavioral assumptions about the economic agent. In this book, the author offers a more inclusive theoretical framework and a more reasonable modeling of the economic agent. This new approach is built upon conventional neoclassical theory while incorporating the most recent research in behavioral economics. The case is made that individuals have some choice over the quantity and quality of effort which they can supply in the process of production. Even under the constraints of severe product market competition and the assumption of ùtility maximizing' individuals, effort need not be maximized, especially in firms characterized by antagonistic management-labor relations. This is especially true when relatively inefficient firms can remain competitive by keeping wages relatively low - low wages serve to protect such firms from more efficient firms. Alternatively, relatively high wage firms can remain competitive only if they become more productive. Under these assumptions, higher wages and factors contributing to higher wages can advance the performance of an economy while lower wages can have the opposite effect and cultural and institutional variables, by themselves, can affect the long run productivity and even the long run competitiveness of firms and economies. In summary, this book calls for a revised approach to the study of economics from a behavioral and socio-economic perspective, with significant consequences for public policy"--provided by publisher
Cataloging source
BTCTA
http://library.link/vocab/creatorName
Altman, Morris
Dewey number
338.5
Illustrations
illustrations
Index
index present
Literary form
non fiction
Nature of contents
bibliography
http://library.link/vocab/subjectName
  • Economics
  • Endogenous growth (Economics)
  • Microeconomics
Label
Human agency and material welfare : revisions in microeconomics and their implications for public policy, by Morris Altman
Instantiates
Publication
Copyright
Bibliography note
Includes bibliographical references (pages [119]-128) and index
Carrier category
volume
Carrier category code
  • nc
Carrier MARC source
rdacarrier.
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent.
Control code
FIEb17331651
Dimensions
24 cm.
Extent
xii, 133 pages
Isbn
9781461378945
Media category
unmediated
Media MARC source
rdamedia.
Media type code
  • n
Other physical details
illustrations
System control number
(OCoLC)1088488469
Label
Human agency and material welfare : revisions in microeconomics and their implications for public policy, by Morris Altman
Publication
Copyright
Bibliography note
Includes bibliographical references (pages [119]-128) and index
Carrier category
volume
Carrier category code
  • nc
Carrier MARC source
rdacarrier.
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent.
Control code
FIEb17331651
Dimensions
24 cm.
Extent
xii, 133 pages
Isbn
9781461378945
Media category
unmediated
Media MARC source
rdamedia.
Media type code
  • n
Other physical details
illustrations
System control number
(OCoLC)1088488469

Library Locations

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