This paper develops an equilibrium model to investigate the relationships between transaction uncertainties. risk aversion, insurance, specialization, per capita real income, and productivity progress. It is shown that transaction uncertainties can restrict the division of labor: the level of...

This paper develops an equilibrium model to investigate the relationships between transaction uncertainties, risk aversion, insurance, specialization, per capita real income, and productivity progress. It is shown that transaction uncertainties can restrict the division of labor; the level of...

This paper investigates Allyn Young's two important doctrines concerning the division of labor and roundabout production: Apart from advancement in the state of knowledge, the progressive division of labor, which can take place within a given population, brings about the adoption of more...

This paper investigates Allyn Young's two important doctrines concerning the division of labor and roundabout production: Apart from advancement in the state of knowledge, the progressive division of labor, which can take place within a given population, brings about the adoption of more...