Entry is widely discussed, but rarely subjected to empirical study. This study develops a competitive theory of entry, with primary focus on the relationship between entry and industry growth. The main ingredients are adjustment coats to firms already in the industry and the distribution of...

Adaptive economizing in a decentralized economy with alternative technologies and scarce resources leads to various kinds of locally unstable behavior. Economic disequilibrium is the rule in such a world and requires the presence of market mechanisms that make possible continued viability. If in...

The machine tool industry is tiny but crucial: it supplies the machines to cut, form, and shape metals upon which about half of the manufacturing industries are dependent. The state of the art of the machine tools themselves, their control systems and the organization surrounding them largely...