A Critical Element Of Industrial Economics (Book Review Sample)
The formative assessment requirement is to produce a review of an article from a relevant academic journal. The article can cover any topic within the broad area of industrial economics, preferably something we have covered/will cover in this module and related to any emerging economy. It may be empirical or theoretical in nature, or a combination of both.source..
Date of Submission
Industrial economics is a distinct branch of economics that deals with the economic challenges that firms and organizations face as well as their relationship with society. It can also be simply defined as the study of firms, industries, as well as markets. It covers all sizes of firms and considers several industries. Making sound and effective decisions are among the most critical actions carried out by any organization. By helping the firm understand issues such as the extent of product differentiation, the output capacity, the set prices as well as the investment in research and development, industrial economics enable the firms to make sound decisions (Devine et al., 2018). Moreover, industrial economics help firms enhance the organization of activities as well as motivation. While other fields in economics largely dwell on profit maximization, industrial economics explores other topics such as market growth. The assessment of the competitiveness of the market is also a critical element of industrial economics. The industrial policy of a country is a critical element of industrial economics. Industrial policy can be defined as the set of rules and regulations that are outlined by a country to govern its industries. This paper seeks to review an article that explores industrial policy in emerging economies.
The article was aimed at exploring the role that industrial policy can play in the transition of economies from middle-income status to high-income status. The focus is on the emerging economies in Europe. A neo-Schumpeterian approach is used to analyze the industrial policy regarding structural transformation (Robert and Yoguel, 2016, p. 10). The author asserts that modern emerging economies are faced with two challenges in their quest to transition to high-income status. They include the challenge to catch-up with the current technology as well as the challenge to adjust to the technological change of the advanced economies in the backdrop of social and environmental constraints. Moreover, the transformation is limited to the state’s capacity. The authors recommend that emerging economies should employ sector-based horizontal policies to address the market as well as state failures in the individual industries.
According to the authors, industrial policy is back stronger than ever before, in both the emerging and
YOU MAY ALSO LIKE
You Might Also Like Other Topics Related to industrial revolution:
- Education. Revolution In Moral Education Education EssayDescription: In McClellan’s article on “Moral Education in America”, the author discusses the changes that took place in the American education system in the 1800’s as a result of children moving out of society at an early age and into the outside world. The need to provide moral education to these children led...1 page/≈275 words | No Sources | APA | Literature & Language | Essay |
- Review and Discussion Questions. Religion & Theology Term PaperDescription: Jansenism does not believe in human free will of doing things, and instead, unlike the authentic Catholic spiritualism, it asserts that nature does not require human assent and that God's infusion of grace cannot be denied. Quietism, on the other hand, is a set of Christian beliefs...2 pages/≈550 words | No Sources | APA | Religion & Theology | Term Paper |
- Psychological research Psychology Research Paper EssayDescription: The cognitive revolution is roughly six decades old, with dramatic changes to the subject following a shift in the style of research that is used by psychologists (Miller, 2003). Cognitive revolution legitimized the study of study of the mind. The revolution offered an alternative to the stimulus-response...2 pages/≈550 words | 2 Sources | APA | Psychology | Research Paper |