Linear Programming — an Economic and Accounting Interpretation

A. A. Walters
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A. A. Walters: London School of Economics

Chapter 11 in An Introduction to Econometrics, 1970, pp 341-369 from Palgrave Macmillan

Abstract: Abstract During the 1950s probably the most significant developments took place in economics since the Keynesian revolution of the mid-1930s. These new developments took the form of an immense simplification in the statement of economic problems and their solution. And this same simplification enabled one to extend the theory of economics back into the technological foundations on which it stands. We can now show how the economic decision can be cast in the form of a choice between various available technologies; the economics and the engineering are integrated and coordinated. Furthermore one can show how the economic-engineering decision can be interpreted in terms of the concepts of cost accounting. Indeed the linear approach enables one to erect a logical and consistent theory of cost accounting that fits neatly into the technological and economic theories of the process.

Date: 1970
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DOI: 10.1007/978-1-349-15277-3_11

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