{"product_id":"9780792398189","title":"Human Agency and Material Welfare: Revisions in Microeconomics and their Implications for Public Policy","description":"\u003ch1\u003eHuman Agency and Material Welfare: Revisions in Microeconomics and their Implications for Public Policy\u003c\/h1\u003e \u003ch2\u003eAltman, Morris\u003c\/h2\u003e \u003cp\u003eSome of the fundamental tenets of conventional economic wisdom,  which have had a profound impact on public policy, are challenged in  this book. These precepts include the affirmation that low wages are  more beneficial that high wages to the process of growth and  development; convergence in terms of output per person is just a  matter of time; minimum wage laws and trade unions negatively impact  on the economy as a whole; pay inequality due to labor market  discrimination cannot persist over time; larger firms are typically  more efficient than smaller firms; and culture is of little  consequence to the course of economic development. Such predictions,  the author argues, are a product of unrealistic behavioral assumptions  about the economic agent. \u003cbr\u003e  In this book, the author offers a more inclusive theoretical framework  and a more reasonable modeling of the economic agent. This new  approach is built upon conventional neoclassical theory while  incorporating the most recent research in behavioral economics. The  case is made that individuals have some choice over the quantity and  quality of effort which they can supply in the process of production.  Even under the constraints of severe product market competition and  the assumption of `utility maximizing' individuals, effort need not be  maximized, especially in firms characterized by antagonistic  management-labor relations. This is especially true when relatively  inefficient firms can remain competitive by keeping wages relatively  low - low wages serve to protect such firms from more efficient  firms. Alternatively, relatively high wage firms can remain  competitive only if they become more productive. Under these  assumptions, higher wages and factors contributing to higher wages can  advance the performance of an economy while lower wages can have the  opposite effect and cultural and institutional variables, by  themselves, can affect the long run productivity and even the long run  competitiveness of firms and economies. \u003cbr\u003e  In summary, this book calls for a revised approach to the study of  economics from a behavioral and socio-economic perspective, with  significant consequences for public policy.\u003c\/p\u003e \u003ch3\u003eDetails\u003c\/h3\u003e \u003cp\u003ePublished by: Springer\u003c\/p\u003e \u003cp\u003ePublication Date: 1996-12-31\u003c\/p\u003e \u003cp\u003eFormat: Hardcover\u003c\/p\u003e \u003cp\u003eISBN-13: 9780792398189\u003c\/p\u003e \u003cp\u003eDOI: 10.1007\/978-1-4615-6303-7\u003c\/p\u003e \u003cp\u003eDimensions: 235cm x155cm\u003c\/p\u003e \u003cp\u003ePages: 133\u003c\/p\u003e ","brand":"Springer US","offers":[{"title":"Default Title","offer_id":46312374567052,"sku":"9780792398189","price":98.99,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0710\/9545\/1788\/files\/9780792398189.jpg?v=1771524888","url":"https:\/\/fh90cf-fv.myshopify.com\/products\/9780792398189","provider":"Late Knight Books and Services, LLC","version":"1.0","type":"link"}