RE: [OPE] constant returns to scale

At 22:33 01.10.2008, you wrote:
>It is just wrong to say that IRS are not dealt with in current
>orthodox economics. Industrial/managerial/business economics are
>replete with tales of long-run average cost curves sloping down,
>perhaps to the full extent of the market, the implications of a
>minimum efficient scale large relative to the maximum extent of the
>market and so on, and the strategic implications of this.

Hi Michael,

This is just a question what one calls "orthodox economics", I do not
include ind/manag/biz economics in that concept, precisely because
they are concerned with real profit maximising and not ideological
exercises a la Samuelson, Arrow, Debreu and Hahn. And as you point
out these two schools of thought are worlds apart.

Regards
Anders

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Received on Thu Oct 2 02:37:27 2008