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Production and Market behaviour - Essay Example

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The early classical political economy paradigms existing from the 18th century to mid 19th century associated with Adam Smith’s Wealth of Nations treatise in 1776, the precursor of modern economic theory, David Ricardo and Karl Marx have all revolutionized economic theories…
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Production and Market behaviour
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Production and Market behaviour

Download file to see previous pages... se classical scholars continue to influence contemporary scholars as they attempt to discern the major factors influencing productions and market patterns to enhance efficiency and best economic systems.
Our study of production and market behavior will therefore be based principally on neoclassical and institutionalism models that have existed since the last century and will explore the new-institutionalism impact on the theme as well as the recent trends in fair trade and corporate social responsibility (CSR).
Neoclassical theories supported by Keynesian economics are the dominant approaches prevalent in mainstream economic theories from the mid twentieth century (Clark, 1998). The theory however can be traced to 19th century after the Industrial Revolution as capitalism ignited intellectual ideas among all disciplines. One prominent neoclassical analyst was William Stanley Jevons and his marginal utility theory of value in 1862. Neoclassical theories are mainly based on individual or microeconomics by exploiting utility as explained in the rational choice theory (Ehrenberg, 1997).
Neoclassical economist Marshall’s treatise Principles of Economics (1890) described price disparities in terms of the intersection of supply and demand curves. He also introduced diverse ‘market periods’ as follows:
Short period – business faculty is specified, the level of yield, service, assets, and value oscillate to link marginal cost and marginal revenue, where returns are maximized. Economic rents only survive for short duration for unchanging aspects, and the velocity of earnings is not contrasted across segments.
The neoclassical model has also engendered the First Theorem of Welfare Economics that emphasis that indirect marginal utility for all the market players is similar. This also depicted in a Pareto-efficient condition that states any enhancement in the utility of one user might jeopardize another’s value. The organizations operating in such a scenario do ...Download file to see next pagesRead More
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