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The Origins of the U-Shaped Average Cost Curve: Understanding the Complexities of the Modern Theory of the Firm

Keppler, Jan-Horst; Lallement, Jérôme (2006), The Origins of the U-Shaped Average Cost Curve: Understanding the Complexities of the Modern Theory of the Firm, History of Political Economy, 38, 4, p. 733-774. http://dx.doi.org/10.1215/00182702-2006-018

Type
Article accepté pour publication ou publié
Date
2006
Journal name
History of Political Economy
Volume
38
Number
4
Publisher
Duke University Press
Pages
733-774
Publication identifier
http://dx.doi.org/10.1215/00182702-2006-018
Metadata
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Author(s)
Keppler, Jan-Horst

Lallement, Jérôme
Abstract (EN)
The article discusses the origins of the U-shaped average cost curve, which is one of the most widely used tools in microeconomic analysis. Its widespread use leads many to consider it as a basic tool, obscuring the fact that the graph of the U-shaped average cost curve is part of a complex theoretical construct that didn't emerge until the 20th century. The curve's complexity stems from a careful balance between increasing returns and perfect competition, short-run and long-run considerations of production, and logical consistency, a balance that was first stated by the successors of Alfred Marshall, who are detailed in the article.
Subjects / Keywords
Perfect competition; Economic systems; Microeconomics; Cost curve; Theory of the firm
JEL
D41 - Perfect Competition
D23 - Organizational Behavior; Transaction Costs; Property Rights
B41 - Economic Methodology
B21 - Microeconomics

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