This work contributes to the discussion of Knight by showing that uncertainty broadens the conception of economic welfare, and that a new cost analysis holds the key to unlocking the Knightian corpus. It develops Knight's suggestion that uncertainty-control costs can be reduced - arguing that the large firm enjoys economic rent from utilizing its dominant vantage point in the market. The author demonstrates that while Knight provides the intellectual stimulus which propelled Chamberlin's thesis of monopolistic competition, Chamberlin uses a very abstract form of uncertainty in his analysis.
- ISBN10 1840145854
- ISBN13 9781840145854
- Publish Date 7 August 1998
- Publish Status Out of Print
- Out of Print 30 July 2009
- Publish Country GB
- Publisher Taylor & Francis Ltd
- Imprint Ashgate Publishing Limited
- Format Hardcover
- Pages 218
- Language English