Production” and “Mining” exhibited “diminishing returns to scale”, a belief Sure that “resource-based” economic sectors like “Agriculture”, “Bulk goods As a return they secured for their analysis a single equilibrium point with convenient convex curves. Economists after Marshall (1842-1924), with certainĮxceptions, confined their interests exclusively to “Constant returns to scale”. Case-Study, Lock-In Chartering Case-Study, Multiple EquilibriaĪBSTRACT: “Returns to scale”, as a methodology, goesīack to Adam Smith (1776). Increasing Returns to Scale, The Danger of Monopoly, Shipping Applications, Vale S.A. Self-Reinforcing Mechanisms in Economics: with Two Case-Studies from Shipping Industry 8th Edition, Prentice Hall, Upper Saddle River. (1994) Marketing Management: Analysis, Planning, Implementation, and Control.
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