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Developing a unified theory of production and investment, Vernon L. Smith explores the empirical and theoretical nature of the interdependence between "short-run" current account production decisions and "long-run" investment planning, taking into account such technological factors as equipment replacement. The book builds an explicit theory of production planning by integrating production, investment, and equipment replacement policy, derives the decision implications of the use of durable capital goods, and examines the production function concept and the production decision process in engineering design and in general business practice.

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Book Details

ISBN: 9780674465008
ISBN-10: 0674465008
Format: Hardback
(275mm x 150mm x 23mm)
Pages: 352
Imprint: Harvard University Press
Publisher: Harvard University Press
Publish Date: 1-Dec-1961
Country of Publication: United States

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