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A Dynamic Process
Static Efficiency versus Dynamic Efficiency
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Adam Smith advances aircraft airline airplane alternatives antitrust assume automobile industry Bayesian Bayesian probability become Boeing British Burns and Stalker business firms cars classical economic companies competitive interaction competitors concept cost countries deal with uncertainty decline degree of competitive degree of constraint degree of dynamic degree of openness degree of uncertainty dilemma diversity Douglas dynamic competition dynamic efficiency economic economists engage in risk-taking engine entrepreneur environment example fast history favor Ford Ford trimotors high degree highly ideas incentives increase Industrial Revolution inflation internal internal-combustion engine involved labor unions less ment microstability Model Moreover Motors nomic optimized organization percent perfect competition Phillips curve played predictable probability theory problem productivity gains rate of progress rational regulation research and development revolutions rivalry role Schumpeter skunkworks slow history society stability static efficiency sure theory tion trade-off unemployment United unpredictable wage and price