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Structures of Knowing

Name: Structures of Knowing
Brand: Springer
SKU: 9780792300090
Price: 824.66 RON
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Psychologies of the Nineteenth Century

Autor: K. Arens

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Legare: Copertă tare

Editura: Springer

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Some of the fundamental tenets of conventional economic wisdom, which have had a profound impact on...

Informații despre carte

Autor

K. Arens

Limbă

engleză

Legare

Carte - Copertă tare

Publicat

2007

Pagini

430

EAN

9780792300090

ISBN

0792300092

Enbook ID

01392416

Editura

Springer

Greutate

1760

Dimensiuni

210 x 297 x 28

Descriere completă

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 'utility 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.

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Structures of Knowing

Psychologies of the Nineteenth Century

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