Economic Benefits and What They Mean

Paper Summary:

The paper examines the meaning of economic benefit as it has evolved over time and has been interpreted by various economists throughout the years. Like the market, the notion of economic benefit, and where it is derived from, seems to fluctuate according to circumstance, as well as perception and interpretation. This paper traces the origin of the concept of economic benefit and maps its evolution toward it's current understanding in relation to management research and competitive advantage.

From the Paper:

"Globalization, new forms of economic crises, and an unusually rapid change in the daily facts of economic life are compelling economists once again to put to themselves the question of how a grasp of the real economic world can be obtained. The modern economic world is continually facing the economist with new claims. Yet in spite of all the changes which economic development brings, a certain constancy of form is observable."

Sample of Sources Used:

• Allsopp, V. (1995) Understanding economics, London: Routledge.
• Arrow, K. J. and Debreu, G. (1954). Existence of an equilibrium for a competitive economy, Econometrica 22: 265-290.
• Bateman, B. (1987) Keynes's changing conception of probability, Economics and Philosophy 3: 97-120.
• Betz, H.K. (1988), How does the German historical school fit?, History of Political Economy, 20: 409-430.
• Backhouse, R. (1985) A history of modern economic analysis. Oxford, UK: Blackwell.

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