Abstract
Industrial Dynamics (ID) is a new and rapidly growing field of research. Whereas Industrial Organization is based on static or comparative static analysis, ID emphasizes dynamics. ID focuses on the causes (driving forces) of economic transformation and growth - the dynamics and evolution of industries, particularly entrepreneurial activity and technological and institutional change - and on understanding the underlying processes of transformation, not just the outcomes. Major themes are: I)The nature of economic activity in the firm and its connection to the dynamics of supply and therefore economic growth, particularly the role of knowledge. 2)How the boundaries of the firm (degree of vertical and horizontal integration) and the degree of interdependence among firms change over time and what role this interdependence plays in economic growth. 3)Technological change and its institutional framework (particularly in the form of 'systems of innovation'). 4)The role of public policy in facilitating or obstructing adjustment of the economy to changing circumstances (domestically as well as internationally) at both micro and macro levels.
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