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.
Buy Investment and Production book by Vernon L. Smith from Australia's Online Bookstore, Boomerang Books.
(275mm x 150mm x 23mm)
Harvard University Press
Publisher: Harvard University Press
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