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Competition through Technical Progress
Full text linkThe relationship between technical progress and price competition is a controversial issue in economics. This paper highlights the fact that investment in technical progress is an authentic type of competition which benefits the consumers rather than the industry. This type of competition exists when the potential for technical progress, which can be incorporated by firms through investment, is high enough. Competition is, in fact, made up of two components: A static one which is known as price or quantity competition and a dynamic one, the Technical Progress competition which also contribute to reduce prices and increase quantities for consumers. Consequently, the economic factors that increase a firm's margin do not have to be viewed as the consumers' enemy, but rather as an ally, under specific conditions, because they allow higher investments in new technology by which firms increase their capacities and attract higher demand from consumers. This paper also underlines that, for a mature market, the maximum Consumer Surplus as well as Social Welfare are attained by a constant level of combined competition which is only dependent on the size of the market and the number of firms. The level of combined competition can be defined as the product of the static and the dynamic level of competition. As a consequence, the higher the potential of technical progress is, the lower the level of static competition must be in order to reach the maximum level of Consumer Surplus and Social Welfare. --Investment,Competition,Technical Progress,Dynamic Competition
Esther-Mirjam Sent (interview)
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Weg met het Planbureau
No full textLaat de economen van het Centraal Planbureau het debat in ons land niet domineren, betogen Peter Ester en Esther-Mirjam Sent
24. Wible's the economics of science: Methodology and epistemology as if economics really mattered
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Economics of science: survey and suggestions
No full textThe literature of an economics of science exists in a dismal no-(wo)man's-land located somewhere between economics, history, philosophy, policy, sociology and science. Perhaps it would have continued in this tenuous quasi-existence indefinitely, were it not for a series of trends that now seem to be encouraging the institution of a subfield within the profession of economics devoted to the topic. However, many of the economists who have begun to proclaim the existence of the new subfield have generally done so by starting from scratch, striving to think through the relevant problem settings and proposed solutions with little attention paid to the alternative communities mentioned above, building 'models' of science generally unrecognizable to those outside of mainstream economics. The goal of this paper is to provide the requisite materials for advancing the emerging field of economics of science by discussing the various approaches in a systematic, comparative and integrative manner.economics of science, marketplace of ideas, science policy, sociology of science, science and technology, reflexivity,
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