English, Article edition: A DYNAMIC THEORY OF A FIRM: AN APPLICATION OF 'ECONOMIC FORCES' MATTI ESTOLA

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Physical Description
  • article
Language
  • English

Edition details

Title
  • A DYNAMIC THEORY OF A FIRM: AN APPLICATION OF 'ECONOMIC FORCES'
Author
  • MATTI ESTOLA
Physical Description
  • article
Notes
  • Static neoclassical theory of a firm and its dynamization by dynamic optimization assume profit functions inconsistent with each other. As a solution to this, we present a dynamic theory of a firm which is consistent with the static neoclassical theory. We define the 'economic forces' which act upon the production of the firm and show that the adjustment of production in a profit-seeking way may be stable or unstable. Explosive unstable production dynamics may occur due to 'economies of scale' or due to the development of wealth or technology; in stable cases the adjustment leads to the profit maximizing situation. Our model provides a micro basis for the modeling of economic growth at macro-level.
  • Production dynamics, economic forces, uncertainty, JEL D21, JEL O12
  • RePEc:wsi:acsxxx:v:04:y:2001:i:01:p:163-176
Language
  • English
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