CAPITALISTIC FIRM ADJUSTEMENT DYNAMICS

Eleutério Fernando da Silva Prado ()
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Eleutério Fernando da Silva Prado: Universidade de São Paulo

Revista de Economia Mackenzie (REM), 2004, vol. 2, issue 2, 125-142

Abstract: The paper presents a model of a capitalistic firm that operates in a complex environment and keeps itself in motion always in non-equilibrium trajectories.It produces onlyoneproductandcompetes in a marketwith manyothersc o n c u rrent firms. The economic system iscomposedby heterogeneous firm sand consumers thatare engaged in heterogeneous economic relations between themselves. The necessary information for decision-making is diffuse and is spread all around society. The firm has inductive and bounded rationality. Its microeconomic behavior is guided by rules of thumb. It chooses in a blindway the price andthe supplied quantity trying toadjust the production capacity, the level of inventories and the mark up in order to improve its profits .

Keywords: Capitalistic firm; Neoclassical equilibrium; Evolutionary Economics; Marshallian economics. (search for similar items in EconPapers)
Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:aft:journl:v:2:2:2004:jan:dec:p:125-142

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