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Division of Labour and Transaction Costs

Published/Hosted by World Scientific Publishing Company. ISSN: 0219-8711.

The aim of this journal is to resurrect the spirit of classical economic thinking about network effects of division of labor and general equilibrium mechanisms that simultaneously determine interdependent benefits of specialization and number of participants in the network of division of labor (extent of the market) in a modern body of inframarginal economics. Inframarginal economics applies inframarginal analysis to individuals’ networking decisions in choosing their levels and patterns of specialization that generate a structure of division of labor for society as a whole and to various transaction costs that affect the structure. Here, inframarginal analysis is total cost-benefit analysis across different network patterns of trade and division of labor, in addition to marginal analysis of resource allocation for a given pattern of organization. It includes linear and nonlinear programming, mixed integer programming, dynamic programming, control theory, and other forms of nonclassical mathematical programming that allow corner solutions.

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