The significance of Penrose's theory for the development of economics |
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Authors: | Loasby BJ |
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Institution: | Department of Economics, University of Stirling, UK |
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Abstract: | Adam Smith identified the division of labour as the prime sourceof growth, through the generation of differentiated knowledge;the co-ordination problem was a consequence of this causal sequence.But Jevons, Walras, and their successors isolated co-ordinationfrom the growth of knowledge, and replaced causal sequenceswith formal proofs, despite Marshall's efforts to preserve Smith'stheoretical system. Penrose reinvented the Smith-Marshall analysisof the growth of knowledge, centred on the firm, but explicitlyendorsed the separation. Nevertheless her theory may permita more convincing treatment of the co-ordination of differentiatedknowledge than current models of rational choice equilibrium. |
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