Industrial Organization

Abstract

Industrial organization evolved gradually as a distinct field of economics in response to the growing prominence of large manufacturing corporations from the late nineteenth century (Chandler, A.D. The visible hand: The managerial revolution in American business. Cambridge, MA: Harvard University Press, 1977). Initial scholarship took the form of an ongoing tradition of industry case studies, reflected, for example, in new editions of Walter Adams’ edited collection (Adams, W. The structure of American industry: Some case studies. London: Macmillan, 1950; Brock, J. The structure of American industry, 12th ed. New York: Prentice Hall, 2008). Indeed, the US Federal Trade Commission was formed in part to conduct just such in-depth analysis of individual industries. However, by the middle of the twentieth century, most scholars had shifted their focus to the search for regularities and theories that could be applied across industries and market structures. One branch of research, which I tackle last, has focused on the theory of the firm – the recognition that business enterprises are more than just production functions.

This entry was originally published on Palgrave Connect under ISBN 978-1-137-49190-9. The content has not been changed.