Concluding Comments

  • Paul R. Ferguson


After many years with few developments of note, industrial economics is evolving in many different ways in the mid-1980s. Neoclassical microeconomics remains well entrenched as the dominant body of theory underpinning industrial economics, but is being continually refined and modified. However, it is increasingly argued that, in following the neoclassical tradition, industrial economics (along with microeconomics in general) has taken the ‘wrong road’. For example, Nelson and Winter consider:

What today’s orthodoxy represents is, above all, a particular (and not inevitable) refinement and elaboration of the core ideas from that broader tradition relating to market functioning and self interested behaviour. The price paid for the refinement has been a considerable narrowing of focus and a tendency to segregate from the main corpus of theory the questions and phenomena for which the refined theory is ill-suited (1982, p. 43).

Copyright information

© Paul R. Ferguson 1988

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  • Paul R. Ferguson

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