Innovation, Welfare and Industrial Structure: An Evolutionary Analysis

Traditionally, highly concentrated industry structures have been thought to be detrimental to society's welfare. This view originates from welfare calculations which take competitive level of output as their reference. In this book, the author extends the seminal work of Nelson and Winter by adopting an evolutionary approach to examining factors which influence the development of industry structures. The book's premise is that suitable policies can only be formulated if there is an understanding why concentrated industry structures evolve in the first place.