Specialization, Search Costs, and the Degree of Resource Utilization

Melvin W. Reder

Chapter 15 in Arrow and the Ascent of Modern Economic Theory, 1987, pp 498-518 from Palgrave Macmillan

Abstract: Abstract In most contexts, an economy’s rate of output is said to be determined by its resource endowment, technology, tastes, the distribution of resource ownership, and so on. Although most items on such a list occasion no disagreement, there is one prominent exception: to suggest that the degree to which productive resources are utilized materially influences an economy’s level of output will immediately provoke a dispute with those who consider that departures from full utilization are transitory or even illusory.

Keywords: Equilibrium Price; Search Cost; Search Efficiency; Wage Earner; Effective Demand (search for similar items in EconPapers)
Date: 1987
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DOI: 10.1007/978-1-349-07239-2_15

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