A01=Stephan John Nash
Abnormal Profit
Author_Stephan John Nash
Category=JHB
Competitive Group
Competitive Reaction
Competitive Response
Economic Freedom
Economic Rent
economic rent theory
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eq_isMigrated=1
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eq_nobargain
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eq_society-politics
firm dominance and uncertainty costs
Free Market System
German Historical School
Imperfect Competition
Increasing Returns
Industry Price
Knight's Analysis
Knight's Contribution
Knight's Critique
Knight's Theory
Knight's Works
Knight’s Analysis
Knight’s Contribution
Knight’s Critique
Knight’s Theory
Knight’s Works
Large Firm
LRAC
Lump Sum Tax
Market Knowledge
market structure research
microeconomic theory
monopolistic competition analysis
Perfect Competition
Potential Entrants
Robinson's Analyses
Robinson’s Analyses
Social Welfare Function
uncertainty in economics
Uniform Uncertainty
welfare economics applications
Product details
- ISBN 9781138611177
- Weight: 560g
- Dimensions: 152 x 229mm
- Publication Date: 31 Jul 2018
- Publisher: Taylor & Francis Ltd
- Publication City/Country: GB
- Product Form: Hardback
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First published in 1998. This work contributes to the discussion of Knight by showing that uncertainty broadens the conception of economic welfare, and that a new cost analysis holds the key to unlocking the Knightian corpus. It develops Knight's suggestion that uncertainty-control costs can be reduced - arguing that the large firm enjoys economic rent from utilizing its dominant vantage point in the market. The author demonstrates that while Knight provides the intellectual stimulus which propelled Chamberlin's thesis of monopolistic competition, Chamberlin uses a very abstract form of uncertainty in his analysis.
