English, Article edition: STOCHASTIC DEMAND, SPECIALIZATION, AND INCREASING RETURNS YONG J. YOON

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Physical Description
  • article
Language
  • English

Edition details

Title
  • STOCHASTIC DEMAND, SPECIALIZATION, AND INCREASING RETURNS
Author
  • YONG J. YOON
Physical Description
  • article
Notes
  • Adam Smith pointed out that specialization makes individuals more productive through improved dexterity, judgment, and innovation. The theory of increasing returns incorporated in this paper does not depend on the presence of such intra-personal enhancement of productivity. Instead, we note that specialization reduces the costs of meeting stochastic demand that is infrequent and probabilistically uncertain. Specialization characterized as coordinating convention clarifies and extends the economic logic in Smith's interpretation of conditions required for economic progress.
  • Specialization, stochastic demand, coordination convention, extent of the market
  • RePEc:wsi:dltcxx:v:03:y:2008:i:01:p:1-5
Language
  • English
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