I argue that many important economic problems vanish in a world of homogenous factors of production. In particular, problems that derive from the presence of transaction costs in the economy will vanish. Therefore, economists should forget the notion that factors of production are homogenous within categories.
Factors of production are homogenous within categories
Foss, Nicolai J.
2017
Abstract
I argue that many important economic problems vanish in a world of homogenous factors of production. In particular, problems that derive from the presence of transaction costs in the economy will vanish. Therefore, economists should forget the notion that factors of production are homogenous within categories.File in questo prodotto:
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Foss_Economic Ideas You Should Forget.pdf
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