By Hiroshi Ohta, Jacques-Francois Thisse
This is a Festschrift to honour Professor Melvin Greenhut who has lengthy toiled on spatial economics. The booklet for this reason makes a speciality of a unmarried query: in what feel 'economic area' concerns in fiscal thought. area in economics is an elusive proposal, it sounds as if isolating and embracing financial brokers while. it's because including it to already overly complex financial brokers whilst. this is because including it to already overly complex monetary types would possibly not inevitably aid economics to develop into sufficiently real looking. during this publication, major students of foreign stature attempt to locate methods of introducing house in fiscal concept on the way to make it easier and extra reasonable, analysing theoretical and ancient problems with modern relevance, reminiscent of land use, congestion and public items, place thought and spatial competition.
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Additional info for Does Economic Space Matter?: Essays in Honour of Melvin L. Greenhut
A modified spatial model of Cournot duopoly is presented, whereby a two-stage game is played with its first stage determining a production pair prior to a second-stage determination of a vector of allocation to markets. The chapter's interesting findings include certain specific relationships between eqUilibrium output and the form of the consumer demand function. In particular, it is reported that certain convex (concave) demands tend to yield greater (less) output under a more r:ealistic scheme of production prior to allocation than they do under the conventional synchronized scheme of production and allocation.
A strong case therefore is made that space does not matter in the sense that even though jurisdictions with unequal resource endowments and/or production capabilities could appear to create inefficiency and wealth inequality among regions, the existence of footloose residents among regions is shown to help create both efficiency and equality within the confines of the proposed model. It goes without saying that the assumption of footloose residents is crucial, and it is also shown that space does matter with sufficient immobility of residents due to migration costs.
Microeconomics and the Space Economy (Chicago: Scott, Foresman, 1963). M. L. Greenhut: Vita xxxi Factors in the Location of Florida Industry, (Tallahassee, Fla: FSU Studies Number 36, 1962) with Marshall R. Colberg. Full Employment, Inflation and Common Stocks (Washington, DC: Public Affairs Press, 1961). Intermediate Income and Growth Theory (Englewood Cliffs, NJ: Prentice-Hall, 1961) with Frank Jackson. Monographs and articles contained in books 'Regional Output and Price Effects of Spatial Price Competition', with J.