December 2014
Beginner
352 pages
14h 24m
English
Content preview from The Economics Book
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IN CONTEXT
FOCUS
Markets and firms
KEY THINKER
Alfred Marshall (1842–1924)
BEFORE
1776 Adam Smith explains how large firms can lower unit costs through labor division.
1848 John Stuart Mill suggests that only large firms can adapt successfully to certain business changes, and that this can lead to the creation of natural monopolies.
AFTER
1949 South African economist Petrus Johannes Verdoorn shows that increasing growth creates increasing productivity through economies of scale.
1977 Alfred Chandler publishes The Visible Hand: the Managerial Revolution in American Business, which describes the rise of giant corporations and mass production.
From the beginning ...
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