Further Economy Stability

Technological change does not feature prominently in most analysis of the boundaries of the firm. This argument may seem puzzling in that, in neoclassical economics, the boundaries of the firm are technologically determined by the relevant production function, but the approach taken both by the neo-classicists and later writers generally ignores the effects of subsequent [...]

Transformation is a vital process at the level of the economy as a whole, but it is often accomplished through flexibility and stability at the level of individual firms. In fact, the words flexibility and stability neatly characterize the technological evolution of the 90 per cent or more of modern economies that operate in established [...]