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1990•American Economic ReviewRequires access

The Economics of Modern Manufacturing: Technology, Strategy, and Organization

Paul Milgrom, John Roberts

Open publisher page 2,706 citations

Abstract

Manufacturing is undergoing a revolution. The mass production model is being replaced by a vision of a flexible multiproduct firm that emphasizes quality and speedy response to market conditions while utilizing technologically advanced equipment and new forms of organization. The authors' optimizing model of the firm generates many of the observed patterns that mark modern manufacturing. Central to the authors' results is a method of handling optimization and comparative statics problems that requires neither differentiability nor convexity. Copyright 1990 by American Economic Association.

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What this paper is about

Manufacturing is undergoing a revolution. The mass production model is being replaced by a vision of a flexible multiproduct firm that emphasizes quality and speedy response to market conditions while utilizing technologically advanced equipment and new forms of organization. The authors' optimizing model of the firm generates many of the observed patterns that mark modern manufacturing. Central to the authors' results is a method of handling optimization and comparative statics problems that requires neither differentiability nor convexity. Copyright 1990 by American Economic Association.

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Available abstract

Manufacturing is undergoing a revolution. The mass production model is being replaced by a vision of a flexible multiproduct firm that emphasizes quality and speedy response to market conditions while utilizing technologically advanced equipment and new forms of organization. The authors' optimizing model of the firm generates many of the observed patterns that mark modern manufacturing. Central to the authors' results is a method of handling optimization and comparative statics problems that requires neither differentiability nor convexity. Copyright 1990 by American Economic Association.

Key concepts: Convexity, Comparative statics, Economics, Quality (philosophy), Industrial organization, Production (economics), Microeconomics, Financial economics

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