The economic thought of an Austrian Marshallian: George Barclay Richardson
The economic theories of George Barclay Richardson are discussed. Richardson criticized economists' emphasis on equilibrium without any knowledge of the how this may be attained. He believed in the coordination of activities in organizations as opposed to the neoclassical perception of the organization as merely a production function. Richardson also advocated the combination of the knowledge-based perceptions of the firm with transaction-cost approaches.
Publication Name: Journal of Economic Studies
Systematic risk, wage rates, and factor substitution
The effects of factor substitution, monopoly power and wage rates on the systematic risk of a company are studied by applying a variable elasticity of substitution production function. Findings show that changes in wage rates have an impact on systematic risk only depending on the level of input substitutability for both long- and short-run. There is a negative correlation between the firm's systematic risk and market power in its product market.
Publication Name: Journal of Economics and Business
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