From the Library of Nobel Prize-winning economist Kenneth Arrow

  • Planning Production, Inventories, and Work Force.

Planning Production, Inventories, and Work Force.

$975.00

Item Number: 15053

Englewood Cliffs, NJ: Prentice-Hall, 1960.

First edition. Octavo, original cloth. From the library of Nobel Prize-winning economist Kenneth Arrow, with his signature to the front free endpaper. Additionally signed by another Nobel Prize-winning economist, Franco Modigliani. Fine in a very good dust jacket.

Along with Merton Miller, Franco Modigliani formulated the important Modigliani–Miller theorem in corporate finance (1958). This theorem demonstrated that under certain assumptions, the value of a firm is not affected by whether it is financed by equity (selling shares) or debt (borrowing money). He was also the originator of the life-cycle hypothesis, which attempts to explain the level of saving in the economy. Modigliani proposed that consumers would aim for a stable level of consumption throughout their lifetime, for example by saving during their working years and spending during their retirement.

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