Industrial economics has reach a cross roads in its development;
the established approach, based on the neoclassical theory of the
firm, it now being challenged by a variety of ideas and concepts.
Paramount among these are developments within institutions,
economics and the world of the Austrian School. This revised and
updated edition of Paul Ferguson's successful textbook integrates
these new approaches into a critical exposition of neoclassical
theory. While the first edition presented the work of the Austrian
School as the main counter to the traditional (neoclassical)
paradigm, this new edition widens the theoretical approaches
considered. The volume now encompasses all the major variants of
what is becoming known as the new institutional economics. Topics
discussed include: Subjects which neoclassical analysis has always
found difficult to accommodate, such as innovation and advertising,
topical problems, such as privatization and deindustrialization.
Areas of particular importance for policy formation, such as
monopoly.
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