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YANG'S MODERN CLASSICAL ECONOMICS OF SPECIALISATION AND ITS IMPLICATIONS
Author(s) -
NG YEWKWANG
Publication year - 2006
Publication title -
economic papers: a journal of applied economics and policy
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.245
H-Index - 19
eISSN - 1759-3441
pISSN - 0812-0439
DOI - 10.1111/j.1759-3441.2006.tb00386.x
Subject(s) - transaction cost , division of labour , economics , relevance (law) , globalization , neoclassical economics , evolutionary economics , new classical macroeconomics , comparative advantage , economic globalization , positive economics , microeconomics , macroeconomics , market economy , political science , law
This article outlines Professor Xiaokai Yang's life and contributions to economics in developing inframarginal economics or the modern classical economics of specialisation and division of labour. It explains the central trade‐off between economies of specialisation and the additional transaction costs involved and the relevance for economic growth and the evolution of economic organisations. The implications of the new framework are also discussed, including a better view of globalization and the importance of organisational efficiency.