Theoretical Underpinnings and Applications. Economists of the Twentieth Century Series 2
In Spatial Microeconomics, Melvin L. Greenhut argues that sellers in a space economy have the power to set prices, and that this power stems naturally from the geographic separation of markets. Focusing on differentiated markets, this collection of his acclaimed essays reveals that even the pricing of services, electrical power and many other goods - although not distance related per se - can be analysed from a spatial perspective. Professor Greenhut demonstrates and empirically indicates how and why modern firms price heterogeneously over differentiated markets. The spatial framework sheds light on the impact of mergers and antitrust legislation as well as on international trade and other issues. These essays are intended to revitalize neoclassical microeconomics by adding a spatial dimension and so making purely and monopolistically competitive frameworks irrelevant. No other collection of essays points uniquely to the need to reformulate microeconomics on the basis of time and space.
Spatial Microeconomics and its companion volume, Location Economics, will be welcomed by students, teachers and practitioners of economics for improving access to Professor Greenhut's many important essays and papers.
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What Reviewers Are Saying
'An excellent collection of the author's important essays and papers, which add a spatial dimension to neoclassical microeconomics.' -- Aslib Book Guide 'These volumes are essential reference tools in understanding the evolution of locational and spatial economics since WW2, and are technically accessible to specialist graduate students of location economics.' -- Graham Crampton, The Economic Journal