Download Development, Geography, and Economic Theory (Ohlin Lectures) by Paul Krugman PDF

By Paul Krugman

"This is a booklet that are meant to be learn through all economists." -- Roger E. Backhouse, The fiscal Journal
"A stimulating essay by way of one of many world's such a lot considerate and leading edge economists." -- Paul Ormerod, The occasions larger schooling Supplement
Why do convinced principles achieve forex in economics whereas others fall via the wayside? Paul Krugman argues that the unwillingness of mainstream economists to contemplate what they can now not formalize led them to disregard rules that end up, looking back, to were first-class ones.
Krugman examines the process monetary geography and improvement thought to make clear the character of monetary inquiry. He lines how improvement thought misplaced its preliminary effect after it turned transparent that some of the theory's major insights couldn't be truly modeled, and concludes with a remark on parts the place extra inquiry appears to be like such a lot promising.
The Ohlin Lectures

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Additional info for Development, Geography, and Economic Theory (Ohlin Lectures)

Sample text

This may seem like a strong statement to make in isolation. So let me now turn to a brief survey of what seem to me, with the benefit of hindsight, to have been the most important traditions in spatial economics before, say, 1980. I hope that by the end of this discussion I will have persuaded you that my diagnosis is basically right. Five Traditions in Economic Geography These lectures are a meditation on economic theory, not a scholarly history of thought. As a consequence, I take the liberty of being both casual and dictatorial about my attributions.

The first big effort to get space into economics came in the 1950s, under the leadership of the redoubtable Walter Isard. Isard was and is a man of huge energy and vast learning; he performed an invaluable service in making the previously inaccessible German tradition available to monolingual economists like myself; and he created an interdisciplinary enterprise, regional science, which has been of considerable practical importance in the real world. But the aim he set himself in his magnum opus, Location and Space-Economy, to bring spatial concerns into the heart of economic theory, was never attained.

The tradition was, in fact, exasperatingly blurry about who was making what decisions, and almost completely silent on the question of how decisions of individuals might affect one another. Consider, for example, the famous problem of locating a factory so as to minimize transportation costs from several suppliers and to several markets. Who is doing the minimizing? Is this factory owned by a private firm? html [4/18/2007 10:30:11 AM] Document Page 40 does it price? Does it face competitors, and if so what assumptions does it make about their reactions?

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