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In this book Paul Geroski explains in a refreshingly clear style how markets develop. In particular he stresses how the early evolution of markets can significantly shape their later development and structure. His purpose is to show how a good grasp of economics can improve managers' business and investment decisions.

How do markets evolve? Why are some innovations picked up straight while others take years to be commercialized? Are there first-mover advantages? Why do we behave with 'irrational exuberance' in the early evolution of markets as was the case with the dot.com boom? This book explains in a refreshingly clear style how markets develop. His purpose is to show how good a grasp of economics can improve managers' business and investment decisions.

The main issues examined in the book are what makes companies vulnerable to recessionary pressures; how companies typically respond to these pressures; how recessionary pressures have been transmitted back into labor markets and what kinds of institutional changes they have induced and, finally, whether recessionary pressures stimulate innovative activity. Having surveyed more than 600 of the U.K.'s leading companies, and made innovative use of microeconomic analysis, the authors are able to provide the most comprehensive answers yet, to this contentious area of economic debate.

Innovation in products and processes is an increasingly significant source of competitive advantage for firms and nations. Drawing on extensive data on major innovations in the UK, this book examines the role of innovation in the structure of markets and the performance of firms. Geroski draws valuable lessons for makers of public and business innovation policy.

The main issues examined in the book are what makes companies vulnerable to recessionary pressures; how companies typically respond to these pressures; how recessionary pressures have been transmitted back into labor markets and what kinds of institutional changes they have induced and, finally, whether recessionary pressures stimulate innovative activity. Having surveyed more than 600 of the U.K.'s leading companies, and made innovative use of microeconomic analysis, the authors are able to provide the most comprehensive answers yet, to this contentious area of economic debate.