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1、0外文翻譯原文Title:PRODUCTDIFFERENTIATIONECONOMICPROGRESSMaterialSource:THEQUARTERLYJOURNALOFAUSTRIANECONOMICS12Auth:RALLG.HOLCOMBEInneoclassicaltheyproductdifferentiationprovidesconsumerswithavarietyofdifferentproductswithina

2、particularindustryratherthanahomogeneousproductthatacterizespurelycompetitivemarkets.Inrealityfirmsdonotdifferentiatetheirproductstomakethemdifferenttogiveconsumersvarietybuttomakethembettersoconsumerswouldratherbuythatf

3、irm’sproductratherthantheproductofacompetit.Whenproductdifferentiationisseenasastrategytoimproveproductsratherthanjusttomakethemdifferentproductdifferentiationemergesastheengineofeconomicprogress.Incontrasttotheneoclassi

4、calframewkwhereproductdifferentiationimposesacostontheeconomyinexchangefmeproductvarietyinrealityproductdifferentiationlowerscostscreatesbetterproductsfconsumersgenerateseconomicprogress.Intheneoclassicaltheyofthefirmpro

5、ductdifferentiationenhancesconsumerwelfarebyofferingconsumersgreatervarietybutthatbenefitisoffsetbythehigheraveragecostofproductionfmonopolisticallycompetitivefirms.Intheneoclassicalframewktheonlybenefitofproductdifferen

6、tiationisthegreatervarietyofproductsavailablebutthereasonfirmsdifferentiatetheirproductsisnotjusttomakethemdifferentfromtheproductsofotherfirmsbuttomakethembetter.Byimprovingproductqualitybringingnewproductstomarketprodu

7、ctdifferentiationistheengineofeconomicprogress.Theeconomicsliteraturehasclearlyrecognizedthebenefitsthatproductdifferentiationbringswithitinthefmofagreatervarietyofproductsbuthasnotrecognizedtherolethattheprocessofproduc

8、tdifferentiationplaysingeneratingeconomicprogress.Theneoclassicaltheyofthefirmdifferentiatescompetitivefirmsfrommonopolies(considersmanyvariantsinbetween)butassumesthatthemarketstructureisexogenousevenwhiledemonstratingt

9、headvantagestofirmsofhavingmarketpower.Incontrasttothistheeticalwldrealwldfirmscantakeactionstoproducemarketpowerf2istheengineofeconomicprogress.Thepaperbeginsbyrecognizingalongwiththestardliteraturethebenefitofgreaterva

10、rietythatproductdifferentiationbrings.Itthendemonstratesthatproductdifferentiationisanessentialstrategyffirmsincompetitivemarkets.Thekeyargumentisthatproductdifferentiationimprovesthequalityofproductsofferedtoconsumerslo

11、wersthecostofproductiongenerateseconomicprogress.PROFITMAXIMIZATIONMARKETSTRUCTUREINTHENEOCLASSICALFRAMEWKIntheneoclassicaltheyofthefirmfirmsarerunbymanagerswhomaximizeprofitsbyfindingtheoptimalcombinationofinputsproduci

12、ngtheoptimalquantityofoutput.Thefirm’sproductionfunctionisgivenasQ=f(KL)thefirm’sonlytaskischoosingthecrectquantitiesofKL.PindyckRubinfeld(2005p.265)say“Tomaximizeprofitthefirmstheoutputfwhichthedifferencebetweenrevenuec

13、ostisthegreatest.”AfterexplainingshtrunprofitmaximizationindetailPindyckRubinfeld(2005p.282)discusslongrunprofitmaximizationnotingthat“thelongrunoutputofaprofitmaximizingcompetitivefirmisthepointatwhichlongrunmarginalcos

14、tequalstheprice.”3BesankoBreautigam(2005p.305)echoPindyckRubinfeldsaying“apricetakingfirmmaximizesitsprofitwhenitproducesaquantityQatwhichthemarginalcostequalsthemarketprice.”NotethatBesankoBreautigamrefertothefirmasapri

15、cetakerincontrasttoPindyckRubinfeld’sacterizationofacompetitivefirm.PindyckRubinfeldfurthernote(2005p.283)that“incompetitivemarketseconomicprofitbecomeszerointhelongrun.”Furtherexplaining(2005p.285)theysayRightawayonesho

16、uldnoticeamajinconsistencyinthewaythatthesetextbooksoutlineprofitmaximizingstrategiesfcompetitivemonopolisticfirms.Whyshouldamanagerbecontenttoearnacompetitiverateofreturnwhenifthemanagercanfindastrategytogainsomemonopol

17、ypowerthefirmcanearnahigherrateofreturnContrarytothetextbookadvicetheprofitmaximizingcompetitivestrategyisnottominimizeaveragetotalcostbecontentwithnmalprofitsinthelongrunbuttolookfwaystogainmonopolypowerbecausethosesame

18、textbookssaythatmonopolistscanearnpositiveeconomicprofits.Theonlywaythisadvicetothosewhoruncompetitivefirmscouldbecrectisifmarketstructureisexogenousfirmsincompetitiveindustrieshavenowaytogainanymonopolypower.Butasexplai

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