scholarly journals THE ORIGIN OF THE SYLOS POSTULATE: MODIGLIANI’S AND SYLOS LABINI’S CONTRIBUTIONS TO OLIGOPOLY THEORY

2015 ◽  
Vol 37 (3) ◽  
pp. 431-448 ◽  
Author(s):  
Antonella Rancan
Keyword(s):  
Economic Development ◽  
Technical Progress ◽  
Equilibrium Price ◽  
Industrial Concentration ◽  
Oligopoly Theory ◽  
Subjective Approach ◽  
Dynamic Relation ◽  
Long Run ◽  
Microeconomic Analysis

Paolo Sylos Labini’s Oligopoly Theory and Technical Progress (1957) is considered one of the major contributions to entry-prevention models, especially after Franco Modigliani’s formalization. Nonetheless, Modigliani neglected Sylos Labini’s aim when reviewing his work (1958), particularly his demonstration of the dynamic relation between industrial concentration and economic development. Modigliani addressed only Sylos Labini’s microeconomic analysis and the determination of the long-run equilibrium price and output, concentrating on the role played by firms’ anticipations. By doing so he shifted attention from Sylos Labini’s objective analysis to a subjective approach to the oligopoly problem. This paper discusses Sylos Labini’s and Modigliani’s differing approaches, derives the origin of the Sylos postulate, and sets Modigliani’s interpretation of Sylos Labini’s oligopoly theory in the context of his 1950s research into firms’ behavior under uncertainty.

scholarly journals MUTUAL DETERMINATION OF KNOWLEDGE AND ECONOMIC DEVELOPMENT

2019 ◽  
Vol 1 (1) ◽  
Author(s):  
Azra AHMETOVIĆ
Keyword(s):  
Economic Development ◽  
Social Development ◽  
Technical Progress ◽  
Modern Time ◽  
Direct Power ◽  
Mutual Dependence ◽  
The World

Today exists in the world general understanding that education in the conditions of scientific and technical progress becomes direct power of society and decisive constituent of economic and social development. One of the most important characteristics of modern time education is acknowledgement of constantly increasing mutual dependence between knowledge and economic development.

The Microeconomics of Product Innovation

2018 ◽  
Author(s):  
Paul Stoneman ◽  
Eleonora Bartoloni ◽  
Maurizio Baussola
Keyword(s):  
Product Innovation ◽  
New Products ◽  
Goods And Services ◽  
Product Innovations ◽  
Microeconomic Analysis ◽  
Prime Objective ◽  
Price Measurement ◽  
The Impact

The prime objective of this book is the use microeconomic analysis to guide and provide insight into the generation and adoption of new products. Taking an approach that uses minimal formal mathematics, the volume initially addresses questions of definitions, sources, and extent of product innovation, differentiating between goods and services; hard and soft innovations; horizontal and vertical innovations; original, new to market, and new to firm innovations. The sources of product innovations (e.g. R&D, design, and creativity) are explored empirically, and the extent of such innovations is then pursued using survey and other data. Three chapters are devoted to the theoretical analysis of the demand for and supply of new products and to the determination of firms’ decisions to undertake product innovation. Later chapters encompass empirical evidence on the determination of the extent of product innovation, the diffusion of such innovation, the impact of product innovation on firm performance, price measurement, and welfare, while the final chapter addresses policy issues.

scholarly journals Implications of Governance, Natural Resources, and Security Threats on Economic Development: Evidence from Sub-Saharan Africa

2021 ◽  
Vol 18 (12) ◽  
pp. 6236
Author(s):  
Husam Rjoub ◽  
Chuka Uzoma Ifediora ◽  
Jamiu Adetola Odugbesan ◽  
Benneth Chiemelie Iloka ◽  
João Xavier Rita ◽  
...  
Keyword(s):  
Economic Development ◽  
Natural Resources ◽  
Causal Effect ◽  
Sub Saharan Africa ◽  
Security Threats ◽  
African Countries ◽  
Significance Level ◽  
Long Run ◽  
Short Run ◽  
Sub Saharan

Sub-Saharan African countries are known to be bedeviled with some challenges hindering the economic development. Meanwhile, some of these issues have not been exhaustively investigated in the context of the region. Thus, this study aimed at investigating the implications of government effectiveness, availability of natural resources, and security threats on the regions’ economic development. Yearly data, spanning from 2007 to 2020, was converted from low frequency (yearly) to high frequency (quarterly) and utilized. Data analysis was conducted using Dynamic heterogeneous panel level estimators (PMG and CS-ARDL). Findings show that while PMG estimator confirms a long-run causal effect of governance, natural resources, and security threats on economic development, only natural resources show a short-run causal effect with economic development, while the CS-ARDL (model 2) confirms the significance of all the variables both in the long and short-run. Moreover, the ECT coefficients for both models were found to be statistically significant at less than 1% significance level, which indicates that the systems return back to equilibrium in case of a shock that causes disequilibrium, and in addition, reveals a stable long-run cointegration among the variables in the model. Finally, this study suggests that the policy makers in SSA countries should place more emphasis on improving governance, managing security challenges, and effectively utilizing rents from the natural resources, as all these have severe implications for the economic development of the region if not addressed.

scholarly journals The role of diversity and tolerance in economic development

2021 ◽  
Author(s):  
Witold Kwasnicki
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Industrial Development ◽  
Evolutionary Process ◽  
Evolutionary Model ◽  
Industry Development ◽  
Radical Innovations ◽  
Long Run

AbstractThis paper presents an evolutionary model of industry development, and uses simulations to investigation the role of diversity and heterogeneity in firms’ behaviour, and hence industrial development. The simulations suggest that economic growth is increased with greater variety, in the sense of the evolutionary process approaching the equilibrium faster and also, in the long run, moving faster from one equilibrium to a new, more advanced, equilibrium. This occurs due to higher variety caused by a more tolerant environment, and due to the higher probability of emergence of radical innovations.

scholarly journals Tourism Industry and Economic Growth Nexus in Beijing, China

Economies ◽  
2019 ◽  
Vol 7 (1) ◽  
pp. 25 ◽  
Author(s):  
Yang Songling ◽  
Muhammad Ishtiaq ◽  
Bui Thi Thanh
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Strong Support ◽  
Growth Index ◽  
Strong Relationship ◽  
Tourism Industry ◽  
Var Model ◽  
Long Run ◽  
The Relationship ◽  
Beijing China

In the developing economy, tourism is the most visible and steadiest growing facade. Tourism is considered one of the rapidly increasing elements for economic development from the last two decades. Therefore, the proposed study used vector autoregression (VAR) model, error correction model (ECM), and the Granger causality to check the relationship between the tourism industry and economic growth based on the data of the Beijing municipal bureau of statistics from 1994 to 2015. Gross domestic product (GDP) is used as a replacement variable for the economic growth index, while internal tourism revenue is used as a tourism industry indicator. The study supports the tourism-led growth hypothesis proposed in the existing literature in a different survey of tourism and economic development. The results show that there is a strong relationship in the tourism industry and economic growth in the context of Beijing, and at the same time, tourism creates a more significant increase in long run local real economic accomplishments. The results of the VAR model confirm that in the long run, Beijing’s economic growth is affected by domestic tourism, while the ECM model shows unidirectional results in the short term. Similarly, there is a one-way causal relationship between the tourism industry and economic growth in Beijing, China. The empirical results are in strong support of the concept that tourism causes growth.

Institutions and development: the primacy of microanalysis

2011 ◽  
Vol 7 (4) ◽  
pp. 549-553 ◽  
Author(s):  
MWANGI S. KIMENYI
Keyword(s):  
Economic Development ◽  
Empirical Analysis ◽  
Institutional Arrangements ◽  
Development Theory ◽  
Policy Relevance ◽  
Microeconomic Analysis ◽  
Methodological Problems ◽  
Cross Country ◽  
Economic Development Theory ◽  
The Empirical Analysis

Abstract:In recent years, there have been major advances in the empirical analysis of the link between institutions and development. However, a number of methodological problems – both theoretical and empirical – remain unresolved and have been well articulated by Ha-Joon Chang in his article ‘Institutions and Economic Development: Theory, Policy and History’. These problems raise valid concerns about the policy relevance of the evidence arising from the studies. A more reliable approach to study the link between institutions and development and overcome the inherent problems of cross-country empirical analysis is to direct focus to microeconomic analysis of institutions. Such an approach avoids ideologically driven normative judgments about the superiority of particular institutional arrangements and also offers a more credible and tractable avenue to investigate institutional change.

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