'Preface to' Inframarginal Contributions to Development Economics

Increasing Returns and Inframarginal Economics, Vol. 3, October 9, 2006

Posted: 2 Oct 2009

See all articles by Christis Tombazos

Christis Tombazos

Monash University - Department of Economics

Xiaokai Yang

Monash University - Department of Economics

Date Written: October 9, 2006

Abstract

The core of classical economic analysis represented by William Petty and Adam Smith concentrated on the field of development economics. This classical footing of the study of development is different from the neoclassical perspective in two important respects: (a) it focuses on division of labor as the driving force of development, and (b) it emphasizes the role of the market (the “invisible hand”) in exploiting productivity gains that are derived from division of labor. However these aspects have received little attention in the body of literature that represents the modern field of development economics - which largely represents the neoclassical application of marginalism. A notable exception is research that utilizes inframarginal analysis of individuals’ networking decisions in an attempt to formalize the classical mechanisms that drive division of labor. This book is a first attempt to collect relevant key contributions and is intended for active researchers in the field of development economics.

Keywords: Inframarginal, Transaction Costs, Division of Labor

Suggested Citation

Tombazos, Christis G. and Yang, Xiaokai, 'Preface to' Inframarginal Contributions to Development Economics (October 9, 2006). Increasing Returns and Inframarginal Economics, Vol. 3, October 9, 2006, Available at SSRN: https://ssrn.com/abstract=1479918

Christis G. Tombazos (Contact Author)

Monash University - Department of Economics ( email )

Wellington Road
Clayton, Victoria 3
Australia

Xiaokai Yang

Monash University - Department of Economics ( email )

Wellington Road
Clayton, Victoria 3
Australia
+61-3-99052448 (Phone)
+61-3-99055476 (Fax)

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