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The purpose of this chapter is to establish the concepts and definitions that will be used in the sequel. One of the problems with economics is that much of its vocabulary consists of everyday words such as income, capital, and money that have fairly time-honored technical meanings, but meanings that frequently vary from economist to economist and from one generation of economists to another. As was noted in Chap. 1, capital is a notable example, as there are about as many concepts of capital as there are economists who have thought and written about it.
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Buchanan, J.M. (1969), Cost and Choice, University of Chicago Press, Chicago.
Buchanan, J.M. and Thirlby, G.F. (1981), L.S.E. Essays on Cost, New York University Press, New York.
Clower, R.W. (1967), “A Reconsideration of the Microfoundations of Monetary Theory,” Western Economic Journal, Vol. 6, No. 1, pp. 1–8 (reprinted in Money and Markets: Essays by Robert W. Clower, ed. by D.A. Walker, Cambridge University Press, 1984).
Kiyotaki, N. and Wright, R. (1989), “On Money as a Medium of Exchange,” Journal of Political Economy, Vol. 97, pp. 927–54. CrossRef
Taylor, L.D. (1991), “Calculating Short-Run Avoidable Cost as a Floor to Price in the Telephone Industry,” in Marginal Cost Techniques for Telephone Services: Symposium Proceedings, ed. by W. Pollard, National Regulatory Research Institute, Columbus, OH.
- Myros and Other Concepts and Definitions
Lester D. Taylor
- Springer US
- Chapter 2
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