This is a revised and updated edition of Paul Ferguson's successful textbook. Industrial Economics has reached a crossroads in its development; the established approach, based on the neoclassical theory of the firm, is being challenged by a variety of ideas and concepts. Paramount among these are transactions costs, public choice theory and the work of the Austrian School. Industrial Economics integrates these new approaches alongside a critical exposition of traditional theory.
Paul R. Ferguson is coauthor, with Glenys J. Ferguson, of Business Economics, and is Lecturer in Economics at Lancaster University. He has considerable experience in consultancy, teaching courses in Industrial Economics and the application of economic analysis to business problems.