How Long to Read Human Agency and Material Welfare: Revisions in Microeconomics and their Implications for Public Policy

How Long Does it Take to Read Human Agency and Material Welfare: Revisions in Microeconomics and their Implications for Public Policy?

It takes the average reader 2 hours and 26 minutes to read Human Agency and Material Welfare: Revisions in Microeconomics and their Implications for Public Policy by Morris Altman

Assuming a reading speed of 250 words per minute. Learn more

Description

Some 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. 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. 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.

How long is Human Agency and Material Welfare: Revisions in Microeconomics and their Implications for Public Policy?

Human Agency and Material Welfare: Revisions in Microeconomics and their Implications for Public Policy by Morris Altman is 144 pages long, and a total of 36,576 words.

This makes it 49% the length of the average book. It also has 45% more words than the average book.

How Long Does it Take to Read Human Agency and Material Welfare: Revisions in Microeconomics and their Implications for Public Policy Aloud?

The average oral reading speed is 183 words per minute. This means it takes 3 hours and 19 minutes to read Human Agency and Material Welfare: Revisions in Microeconomics and their Implications for Public Policy aloud.

What Reading Level is Human Agency and Material Welfare: Revisions in Microeconomics and their Implications for Public Policy?

Human Agency and Material Welfare: Revisions in Microeconomics and their Implications for Public Policy is suitable for students ages 10 and up.

Note that there may be other factors that effect this rating besides length that are not factored in on this page. This may include things like complex language or sensitive topics not suitable for students of certain ages.

When deciding what to show young students always use your best judgement and consult a professional.

Where Can I Buy Human Agency and Material Welfare: Revisions in Microeconomics and their Implications for Public Policy?

Human Agency and Material Welfare: Revisions in Microeconomics and their Implications for Public Policy by Morris Altman is sold by several retailers and bookshops. However, Read Time works with Amazon to provide an easier way to purchase books.

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