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Investment and Production

Investment and Production

A Study in the Theory of the Capital-Using Enterprise

Vernon L. Smith

ISBN 9780674465008

Publication date: 01/01/1961

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.

Book Details

  • 352 pages
  • Harvard University Press