The Economics of Increasing Returns


The Economics of Increasing Returns

9781858981604 Edward Elgar Publishing
Edited by Geoffrey Heal, Paul Garrett Professor of Public Policy and Corporate Responsibility, Graduate School of Business, Columbia University, US
Publication Date: 1999 ISBN: 978 1 85898 160 4 Extent: 640 pp
The Economics of Increasing Returns presents an authoritative collection of the most significant papers by leading scholars in this key area of economics.

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The Economics of Increasing Returns presents an authoritative collection of the most significant papers by leading scholars in this key area of economics.

Increasing returns can change quite radically our view of how the economy operates. They make the economy seem more complicated and pose a challenge to the established wisdom. The papers in this volume cover the main areas in which the recognition of increasing returns makes a significant difference. They are arranged in six main sections: resource allocation and welfare economics, microfoundations of macroeconomics, product variety and imperfect competition, information and information technology, economic growth and international trade.

Our understanding of economies with increasing returns is far from complete. This thought-provoking collection gives an insight into existing work on the subject and indicates those areas where further research would bear fruit.
Critical Acclaim
‘This volume in the series “The International Library of Critical Writings in Economics”, is an essential reference source for researchers, containing a selection of most important and pioneering articles written by the most outstanding experts in the field. . . . Certainly, it is a benefit to economists to have all these path-breaking papers from widely scattered sources brought together conveniently. Such papers represent the progress of research, which already looks impressive. The volume will be an important stimulus to further research as well.’
– Elettra Agliardi, The Economic Journal
36 articles, dating from 1928 to 1999
Contributors include: K.J. Arrow, W.B. Arthur, D.J. Brown, G. Chichilnisky, A.K. Dixit, P.R. Krugman, P.M. Romer, J.E. Stiglitz, A.A. Young

Acknowledgements • Introduction

Part I: Resource Allocation and Welfare
A Alternatives to the Market
1. K.J. Arrow, F.J. Gould and S.M. Howe (1977), ‘A General Saddle Point Result for Constrained Optimization’
2. G.M. Heal (1969), ‘Planning without Prices’
3. Geoffrey Heal (1971), ‘Planning, Prices and Increasing Returns’
4. Hajime Hori (1975), ‘The Structure of the Equilibrium Points of Heal’s Process’
5. M. Aoki (1971), ‘An Investment Planning Process for an Economy with Increasing Returns’
6. Jacques Cremer (1977), ‘A Quantity-Quantity Algorithm for Planning under Increasing Returns to Scale’
7. Geoffrey Heal (1984), ‘Equivalence of Saddle-Points and Optima for Non-Concave Programmes’
B General Equilibrium
8. Roger Guesnerie (1975), ‘Pareto Optimality in Non-Convex Economies’
9. Donald J. Brown and Geoffrey Heal (1979), ‘Equity, Efficiency and Increasing Returns’
10. Paulina Beato and Andreu Mas-Colell (1985), ‘On Marginal Cost Pricing with Given Tax-Subsidy Rules’
11. Donald J. Brown, Geoffrey M. Heal, M. Ali Khan and Rajiv Vohra (1986), ‘On a General Existence Theorem for Marginal Cost Pricing Equilibria’
12. Donald J. Brown and Geoffrey M. Heal (1983), ‘Marginal vs. Average Cost Pricing in the Presence of a Public Monopoly’
13. Aaron S. Edlin, Mario Epelbaum and Walter P. Heller (1998), ‘Is Perfect Price Discrimination Really Efficient?: Welfare and Existence in General Equilibrium’
14. Pierre Dehez and Jacques Drèze (1988), ‘Competitive Equilibria with Quantity-Taking Producers and Increasing Returns to Scale’
Part II: Micro Foundations of Macroeconomics
15. Geoffrey Heal (1992), ‘Stable Disequilibrium Prices’
16. Graciela Chichilnisky, Geoffrey Heal and Yun Lin (1995), ‘Chaotic Price Dynamics, Increasing Returns and the Phillips Curve’
17. Martin L. Weitzman (1982), ‘Increasing Returns and the Foundations of Unemployment Theory’
18. Geoffrey Heal (1981), ‘Rational Rationing and Increasing Returns: An Example’
19. Geoffrey Heal (1986), ‘Macrodynamics and Returns to Scale’
Part III: Product Variety and Imperfect Competition
20. Avinash K. Dixit and Joseph E. Stiglitz (1977), ‘Monopolistic Competition and Optimum Product Diversity’
21. Geoffrey Heal (1980), ‘Spatial Structure in the Retail Trade: A Study in Product Differentiation with Increasing Returns’
22. Michael Spence (1976), ‘Product Selection, Fixed Costs, and Monopolistic Competition’
Part IV: Increasing Returns, Information and Information Technology
23. Paul A. David (1985), ‘Clio and the Economics of QWERTY’
24. Geoffrey Heal (1999), ‘Price and Market Share Dynamics in Network Industries’
25. W. Brian Arthur (1989), ‘Competing Technologies, Increasing Returns, and Lock-in by Historical Events’
26. Robert Wilson (1975), ‘Informational Economies of Scale’
27. Roy Radner and Joseph E. Stiglitz (1984), ‘A Nonconcavity in the Value of Information’
Part V: Economic Growth
28. Allyn A. Young (1928), ‘Increasing Returns and Economic Progress’
29. Kenneth J. Arrow (1962), ‘The Economic Implications of Learning by Doing’
30. Avinash Dixit, James Mirrlees and Nicholas Stern (1975), ‘Optimum Saving with Economies of Scale’
31. Graciela Chichilnisky (1981), ‘Existence and Characterization of Optimal Growth Paths including Models with Non-Convexities in Utilities and Technologies’
32. Paul M. Romer (1986), ‘Increasing Returns and Long-Run Growth’
Part VI: International Trade
33. Paul R. Krugman (1979), ‘Increasing Returns, Monopolistic Competition, and International Trade’
34. Graciela Chichilnisky (1996), ‘Trade Regimes and Gatt: Resource Intensive vs. Knowledge Intensive Growth’
35. Graciela Chichilnisky and Geoffrey Heal (1986), ‘Large-Scale Technologies and Patterns of Trade’
36. Ralph E. Gomory (1994), ‘A Ricardo Model with Economies of Scale’
Name Index
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