Industrial Organisation Of High Technology Markets

This text rigorously blends theory with real-world applications to study the industrial organisation of the ICT sector. Each of the self-contained chapters, which can be studied in isolation, contains theoretical models that are presented in a clear an

Traditionally, the field of industrial organization has relied upon two unrelated theories to explain cross-industry difference in concentration and distortions within industry. In this study, John Sutton unifies the two approaches.

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Theoretical and factual studies of ways that the rapidly evolving digital economy has changed the structure of different industries, focusing on the software and music industries.

Health economists should consider the advantages of viewing a country's health system not only as a unique industry that produces both health care and high-technology goods and services, but that it also possess the ability to stimulate development of a broader array of high-technology industries. Development and industrial economists and policymakers will also see the health sector from this different and innovative perspective.

A discussion of various types of capitalism and the evolution of the firm. The book examines the concept of the firm in the context of class conflict and considers markets as an impediment to economic process. Finally the book examines the use of computer software as a public good.

Key topics, such as the interplay between labour and capital, the choice of the optimal product range and the dynamics of capital accumulation and innovation are investigated. All of these aspects of the evolution of a market are evaluated in connection with the manifold issue of information, be that related to demand uncertainty, accountancy data, the diffusion of technological knowledge, or the nature of strategic interaction among firms in market games.

Over the postwar period, the scope of industrial policy has expanded markedly. Governments in virtually all advanced industrial countries have extended the visible hand of the state in assisting specific industries or individual companies. Although greater government involvement in some countries has lessened the dislocations brought about by slower growth rates, industrial policy has also caused or exacerbated a number of other problems, including distortions in the allocation of capital and labor and trade conflicts that undermine the postwar system of free trade. Only Japan is widely cited as an unambiguous success story. The effectiveness of its industrial policy is revealed in the successful emergence of one government-targeted industry after another as world-class competitors: for example, steel, automobiles, and semiconductors. Foreign countries fear that a number of still-developing industries—like biotechnology, telecommunications, and information processing—will follow the same pattern. But is industrial policy the main reason for Japan's economic achievements? The author asserts that the reasons for Japan's spectacular track record go well beyond the realm of industrial policy into broad areas of the political economy as a whole. In this book, the author attempts to identify the reasons for the comparative effectiveness of Japanese industrial policy for high technology by answering the following questions: What is the attitude of Japanese leaders toward state intervention in the marketplace? What is the Ministry of International Trade and Industry (MITI) doing to promote the development of high technology? How has the organization of the private sector contributed to MITI's capacity to intervene effectively? What elements in Japan's political system help insulate industrial policymaking from the demands of interest-group politics?