Ebook: Funds, Flows and Time: An Alternative Approach to the Microeconomic Analysis of Productive Activities

The subject of this book is production, which is an important and extensive field in economic science. In fact, production, distribution and consump­ tion were long considered the three federated kingdoms which together formed the great empire of the economy. According to other slightly dif­ ferent traditions, production also held pride of place, specifically as a basic link in the long chain of social reproduction. Today, whatever the theoreti­ cal approach, production is a fundamental requirement for human survival. This was not, however, always the case. For much of the history of man­ kind hominids were hunter, scavenger and gatherers, with very little con­ trol over their environment, and extremely little in the way of artefacts with which to work. However, since the Neolithic revolution, productive processes have constituted an essential mechanism, providing human soci­ ety with goods and services to satisfy its needs and cravings. A simple, yet pertinent, characterisation of the production process con­ ceives it as the transformation of a conglomerate of factors into a given number of products within a specific period of time. Refining this defini­ tion a little further, the said factors may be broken down into different categories: natural resources, means of production (covering two species: working capital and fixed assets) and the different forms of specific work.

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This book deals with concepts of microeconomic production theory, using the fund-flow model of Nicholas Georgescu-Roegen as a basic reference. This long-neglected model allows for a representation of productive operations that incorporate the time dimension and can easily be accommodated to empirical application. Through a detailed analysis of the organization of productive processes, the authors establish a link between the practical tools of process timing optimization used in operational research and the fund-flow model. In addition, they go beyond the original model by extending the analysis to service activities, making special reference to transport operations and the development of information assets. The book sheds new light on long-established concepts of microeconomic production theory and combines general theoretical analysis with references to management tools.

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This book deals with concepts of microeconomic production theory, using the fund-flow model of Nicholas Georgescu-Roegen as a basic reference. This long-neglected model allows for a representation of productive operations that incorporate the time dimension and can easily be accommodated to empirical application. Through a detailed analysis of the organization of productive processes, the authors establish a link between the practical tools of process timing optimization used in operational research and the fund-flow model. In addition, they go beyond the original model by extending the analysis to service activities, making special reference to transport operations and the development of information assets. The book sheds new light on long-established concepts of microeconomic production theory and combines general theoretical analysis with references to management tools.

Content:
Front Matter....Pages I-XVI
Anatomy of the production process....Pages 1-47
Productive deployments of elementary processes....Pages 49-86
Characteristics of line process....Pages 87-144
The fund-flow model and the production function....Pages 145-168
The fund-flow model and service activities....Pages 169-189
Costs....Pages 191-248
References....Pages 249-258
Back Matter....Pages 259-263

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This book deals with concepts of microeconomic production theory, using the fund-flow model of Nicholas Georgescu-Roegen as a basic reference. This long-neglected model allows for a representation of productive operations that incorporate the time dimension and can easily be accommodated to empirical application. Through a detailed analysis of the organization of productive processes, the authors establish a link between the practical tools of process timing optimization used in operational research and the fund-flow model. In addition, they go beyond the original model by extending the analysis to service activities, making special reference to transport operations and the development of information assets. The book sheds new light on long-established concepts of microeconomic production theory and combines general theoretical analysis with references to management tools.

Content:
Front Matter....Pages I-XVI
Anatomy of the production process....Pages 1-47
Productive deployments of elementary processes....Pages 49-86
Characteristics of line process....Pages 87-144
The fund-flow model and the production function....Pages 145-168
The fund-flow model and service activities....Pages 169-189
Costs....Pages 191-248
References....Pages 249-258
Back Matter....Pages 259-263
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