企業家と市場とはなにか 単行本 – 2001/3
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In the last hundred years or so, the neo-classical school has come to dominate microeconomic thinking. Economists concerned with competition have taken refuge in increasingly complex models which emphasize the end-state of competitive equilibrium. This paper presents, in non-technical terms, an 'Austrian' view of how a market economy works. The writer of this book follows in the Austrian tradition as he tries to crystallize the theory of entrepreneurial discovery and of its implications for economic understanding and policy. --このテキストは、ペーパーバック版に関連付けられています。
Please enjoy, Professor Alan Partee PhD (business Econ.)
Once the main differences are out in the open, the author then goes on to describe how the discovery process affects different markets and differing situations - advertising and insurance.
How Markets Work will be of value to financial economists and analysts working in the equity markets. It contains lots of examples of market processes that would be very useful in valuation analysis. What it isn't, though, is a generalist text. Three/Four stars.
He confuses Stigler's model of information with the whole of information economics. He obviously never heard about assymetric information. This book was written in 1996!
He blames neoclassical economists for saying that marketing is only a form of manipulating consumers tastes. This is funny, since preferences are usually treated as exogenous. As an example of such a neoclassical economist he names John Kenneth Galbraight- a instituionalist in the tradition of Veblen.
The text has many flaws like that, but that's not all. The views he defends are flawed too. He argues for example that natural monopolies are no problem as long as the government doesn't prohibit entry. When the prices are too high, a entrepreneur can enter the market and drive the price down. But this doesn't work always. The monopolist has only to lower the price to drive the challenger out. But isn't that going to serve consumer interest after all? No. The ability to charge a lower price serves as a credible threat. Nobody would enter the market just to lose his fix costs. So our monopolist doesn't have to actually lower his price to keep the monopoly.
I could go on and on, but this book surely isn't worth the effort.
The only reason Austrian economics still exists is it's simplicity. You don't need more knowledge to read ,say , Mises than you need to read Ayn Rand. That makes them very popular among conservative non-economists.