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Increasing Returns and Path Dependence in the Economy (Economics, Cognition, and Society) Paperback – December 15, 1994

4 out of 5 stars 4 customer reviews

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Editorial Reviews

Review

"This beautifully written collection of essays represents one of the fundamental contributions to economic science in the last two decades."

About the Author

W. Brian Arthur is an External Professor at the Santa Fe Institute and a Visiting Researcher at PARC (Palo Alto Research Center). Formerly he was Morrison Professor of Economics and Population Studies at Stanford University. One of the pioneers of complexity theory, he also formulated the influential "theory of increasing returns," which offered a paradigm-changing explanation of why some high-tech companies achieve breakaway success. Former director of PARC John Seeley Brown has said of him, "Hundreds of millions of dollars slosh around Silicon Valley every day based on Arthur's ideas." Arthur is the recipient of the International Schumpeter Prize in Economics, and the inaugural Lagrange Prize in Complexity Science. He lives in Palo Alto, California.

Kenneth J. Arrow, who was awarded the Nobel Memorial Prize in Economics in 1972, is Joan Kenny Professor of Economics and Professor of Operations Research at Stanford University.
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Product Details

  • Series: Economics, Cognition, and Society
  • Paperback: 224 pages
  • Publisher: University of Michigan Press (December 15, 1994)
  • Language: English
  • ISBN-10: 0472064967
  • ISBN-13: 978-0472064960
  • Product Dimensions: 6 x 0.9 x 9 inches
  • Shipping Weight: 10.4 ounces (View shipping rates and policies)
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (4 customer reviews)
  • Amazon Best Sellers Rank: #216,144 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

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This beautifully written work elucidates how our economy really works and would be particularly helpful to all business students and the would-be entrepreneurs among us.
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Long overdue, modernized view of increasing returns specifically in Knowledge-based (as opposed to resources i.e., coal) economy. In short, often random and difficult to predict whether "best" technologies or services win and come to predominate in a Knowledge economy of increasing returns and having seen and lived this in the IT industry (over and over) this tome is proving to be unexpectedly relevant and accurate.
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Format: Paperback
It's a collection of Professor Brian Arthur and his first articles on increasing returns, a non-orthodox economics view at the time.
It's very specific and at times repetitive. But it does give a full comprehension on the evolution of his thoughts and most the mathematical proof of his theories.
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I expected more details on how efficiencies that lead to increasing returns worked and are discovered. Greater analysis of who and how the increasing returns accrued to would have been useful.
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