MORE@DIAG Seminar: Georgescu-Roegen's flow-fund model, uncertainty, innovation and the theory of the firm
The seminar discusses Georgescu-Roegen’s time-specific analysis that is based on the concept of flow-fund. Georgescu-Roegen’s flow-fund model deals with the relationship between production organization, scale and efficiency.
The seminar considers the potential contribution of the flow-fund model to the analysis of the organisation of production processes by exploring the links with two other levels of analysis: namely, the input-output relations and innovative activity through the development of new knowledge.
The flow-fund methodology allows us to analyse the task distributions and the organisation of production processes, both of which are absent from input-output models. The time-dimension of the flow-fund analysis provides the necessary bridge to explain the co-evolution of organisational settings and new productive knowledge.
Mario Morroni is Professor of Economics at the University of Pisa and Life member of Clare Hall, College for Advanced Study, University of Cambridge (G.B.). He authored a book on technical change and production processes (Cambridge University Press, 1992), which received the Myrdal Prize, and a book on the theory of the firm (Cambridge University Press, 2006). He is author of several works in the areas of microeconomics, macroeconomics, labour economics and industrial economics. Recently he published a book (Imprimatur, 2016) with nine dialogues among economists with different theoretical positions on the consequences of neoliberal economic policies that have been implemented over the last thirty years. The dialogues discuss increasing inequality, the rolling back of welfare systems, the relationship between the state and the market, the Eurozone crisis, environmental degradation, and the industrial policies in the face of globalization.