Economic growth of a country depends on its industries. The focus
of modern growth theory is basically macroeconomics, although
neoclassical models use competitive markets and the optimization
behavior of households and firms in general equilibrium framework.
The emphasis here is on industry growth, where the microfoundations
of industry are analyzed in terms of economic efficiency. The
various linkages which link firm growth with the industry growth
are discerned here under various market structures both competitive
and monopolistic. The role of information in facilitating market
signals and allowing the adoption of new processes has been
especially emphasized in this volume. Many issues of market failure
and the suboptimality of competitive equilibria are due to
incomplete and imperfect information structures and we need a
comprehensive theory of information structures underlying the
process of industry growth and its dynamics. This book will be of
interest to economists studying economic and industry growth and
innovation.
General
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