Question

Scopes of industrial economy??

Answer 1

Answer:

1.1INTRODUCTION

Industrial economics is a distinctive branch of economics which deals with the economic problems of firmsand industries, and their relationship with society. In economic literature it is known by several names withmarginal differences such as ‘Economics of Industries’, ‘Industry and Trade’, ‘Industrial Organization andPolicy’, ‘Commerce’ and ‘Business Economics’ etc. The name ‘Industrial Economics’ was adopted in theearly fifties perhaps through the writings of P.W.S. Andrews.

1

Although this name is becoming popular day by day some authors, particularly in the American circle, prefer ‘Industrial Organization’ as a title of thesubject.

2

At present there is no clear-cut consensus on the name of the subject