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• W2079403799 abstract "In this article, a model of path dependency is developed, grounded in behavioral economics (x-efficiency/efficiency wage theory), where it becomes possible and reasonable to expect a multiplicity of equilibrium solutions to identical economic problems and for the dominant solution to be sub-optimal and inefficient. Unlike in the pioneering work on path dependency by Paul David and Brian Arthur, the sup-optimal outcomes generated in this model do not provide economic agents with exploitable economic opportunities in the context of their particular objective functions. Such opportunities constitute, from the perspective of the conventional wisdom, the Achilles Heel of their work." @default.
• W2079403799 created "2016-06-24" @default.
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• W2079403799 date "1971-03-01" @default.
• W2079403799 modified "2023-09-26" @default.
• W2079403799 title "The relative efficiency of slavery: A comparison of northern and southern agriculture in 1860" @default.
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• W2079403799 doi "https://doi.org/10.1016/0014-4983(71)90014-3" @default.
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