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The Economic Theory of Costs - Foundations and New Directions (Paperback)
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The Economic Theory of Costs - Foundations and New Directions (Paperback)
Series: Routledge Frontiers of Political Economy
Expected to ship within 12 - 19 working days
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The theory of costs is a cornerstone of economic thinking, and
figures crucially in the study of human action and society. From
the first day of a principles-level course to the most advanced
academic literature, costs play a vital role in virtually all
behaviors and economic outcomes. How we make choices, why we trade,
and how we build institutions and social orders are all problems
that can be explained in light of the costs we face. This volume
explores, develops, and critiques the rich literature on costs,
examining some of the many ways cost remains relevant in economic
theory and practice. The book especially studies costs from the
perspective of the Austrian or "causal-realist" approach to
economics. The chapters integrate the history of economic thought
with contemporary research, finding valuable crossroads between
numerous traditions in economics. They examine the role of costs in
theories of choice and opportunity costs; demand and income
effects; production and distribution; risk and interest rates;
uncertainty and production; monopsony; Post-Keynesianism;
transaction costs; socialism and management; and social
entrepreneurship. Together, these papers represent an update and
restatement of a central element in the economic way of thinking.
Each chapter reveals how the Austrian, causalrealist approach to
costs can be used to solve an important problem or debate in
economics. These chapters are not only useful for students learning
these concepts for the first time: they are also valuable for
researchers seeking to understand the unique Austrian perspective
and those who want to apply it to new problems.
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