Bibliographic Information

The economic organization

Frank Hyneman Knight ; with a new introduction by Ross B. Emmett

Transaction Publishers, c2013

Available at  / 4 libraries

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Note

Reprint. Originally published: Augustus M. Kelley, 1951

Includes index

Description and Table of Contents

Description

When originally released, Frank Hyneman Knight's The Economic Organization revitalized the teaching of economic theory in America during the 1930s, laying the foundation for the price theory revolution led by economists emerging from Knight's circle at The University of Chicago. Knight shows that when societies choose to allow market organization, their economy simultaneously solves the fundamental functions of valuation and efficiency. It also organizes the production and distribution of resources, providing incentives for progress. The Economic Organization provides a short introduction to the basic principles of supply, demand, and distribution that emerge from neoclassical price theory. The central role of the price mechanism in market organization is illustrated neatly by Knight's "wheel of wealth"-the circular flow diagram most often identified with macroeconomic flows, but introduced here for price theoretic reasons. This version also includes his essay on "Utility and Cost," which provides a seamlessly integrated alternative-cost interpretation of neoclassical theory. This expanded edition of The Economic Organization includes a new introduction by Ross B. Emmett, which expands upon the short note on capital theory inserted in the original. Knight wrote three versions of the note for student use, and all three are included in the second chapter. Few books have changed the landscape of American economics and economic education as much as Knight's The Economic Organization. This book should be read by all economists, historians, and policy makers.

Table of Contents

Preface and Acknowledgements Introduction to the Transaction Edition Part IThe Economic Organization 1Social Economic Organization 2The Price System and the Economic Process Appendix 1Published "Note" at End of Chapter Appendix 2Notes on Economic Theory Materials in Syllabus for Social Science II (1938) Appendix 3Notes on "The Price System and the Economic Process" 3Demand and Supply and Price 4Distribution: The Pricing of Productive Services Individually Part IINotes on Utility and Cost Part One Part TwoSuggestions for the Reconstruction of Cost Theory Index

by "Nielsen BookData"

Details

  • NCID
    BB13102977
  • ISBN
    • 9781412851787
  • LCCN
    2013008862
  • Country Code
    us
  • Title Language Code
    eng
  • Text Language Code
    eng
  • Place of Publication
    New Brunswick ; London
  • Pages/Volumes
    xxxiii, 173 p.
  • Size
    23 cm
  • Classification
  • Subject Headings
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