Economics and Business

Abstract

This paper considers the ways in which economics has been, and might be, applied to issues in business policy. Because the focus of industrial economics over the last century has used the industry, rather than the firm, as the principal unit of analysis, theoretical and empirical work has been of limited direct relevance to business problems. The last fifteen years, with developments in game theory, contract design, and principal agent problems, have changed this perspective. Over the next century, there is an opportunity to develop microeconomics as central to business policy as macroeconomics is to public policy. Copyright 1991 by Royal Economic Society.

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