The Economics of Industries and Firms: Theories, Evidence and Policy

The Economics of Industries and Firms: Theories, Evidence and Policy

The Economics of Industries and Firms: Theories, Evidence and Policy

The Economics of Industries and Firms: Theories, Evidence and Policy

Excerpt

The second edition retains the structure and purpose of the first edition. The changes in the second edition are mainly those of updating the material and extending the coverage. There has been updating of the empirical work surveyed and of the policy discussions in Chapter 16. The extended coverage brings in discussion on multinational enterprises, price behaviour, vertical integration and diversification, organisational structure of firms and the theory of contestable markets.

I am grateful to reviewers of the first edition, teachers of courses using the book and third-year undergraduate students at University of York taking courses in industrial economics in the early 1980s for comments which have led to changes in the second edition.

PREFACE TO FIRST EDITION

A complete study of industrial economics requires a knowledge of micro-economics (especially theories of the firm) and of elementary econometrics. I have endeavoured to write this book so that someone with only a one-year course in economics behind them could follow the line of argument. But without a further study of micro-economics they would miss the significance of some parts of the argument, and without a knowledge of econometrics would have to take many of the empirical results on trust. In writing this book, limitation on space and a natural inclination have led to an emphasis on providing the framework(s) of industrial economics. Thus I have not attempted to write a book which attempts to survey everything written on industrial economics. Further reading, indicated by the references in the text, is required for a fuller appreciation of the subject-rarely can a few lines in a text be an adequate substitute for the original paper or book.

This book is loosely based on lectures on industrial economics given to third-year economics students at University College London, over the years 1975 to 1977. Comments by those students on those lectures and comments on an earlier draft of a number of chapters by Sam Aaronovitch are gratefully acknowledged.

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