Frederic M. Scherer: A Legacy of Economic Research and Publications
Frederic M. Scherer has established a profound influence on the fields of industrial organization and competition policy through decades of rigorous academic writing. His work spans a diverse array of topics, from the intricacies of industrial market structure—the organizational characteristics of a market—to the intersection of economics and the arts.
Scherer's contributions are characterized by a deep analysis of how firms compete, how governments regulate that competition, and how innovation drives global economic growth. His bibliography serves as a comprehensive roadmap for understanding the evolution of modern economic policy.
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Key Facts
- Core Expertise: Specialized in competition policy, mergers, and industrial market performance.
- Prolific Authorship: Published extensively with prestigious presses including Harvard University Press, MIT Press, and Princeton University Press.
- Interdisciplinary Reach: Applied economic analysis to diverse fields, including music composition and weapons acquisition.
- Long-term Impact: His seminal work on industrial market structure has seen three editions spanning from 1970 to 1990.
Major Research Themes
Competition Policy and Market Regulation
A significant portion of Scherer's work focuses on the mechanisms of competition. He has explored how competition policy—the laws and regulations that maintain market competition—operates on both domestic and international scales. His 2018 publication, Monopolies, Mergers and Competition Policy, continues this exploration into how market dominance and corporate consolidations affect the economy.
His research also delves into the nuances of pricing, such as focal point pricing and conscious parallelism, where firms follow a leader's pricing without an explicit agreement, as detailed in his 1967 work for The Antitrust Bulletin.
Innovation, Growth, and Technology
Scherer has frequently examined the relationship between technological advancement and economic expansion. In Innovation and Growth: Schumpeterian Perspectives (1984), he utilizes the theories of Joseph Schumpeter to explain how "creative destruction" drives progress. This theme is further expanded in his 1999 work on new perspectives regarding economic growth and technological innovation.
Additionally, he addressed the legal and economic tensions of intellectual property in his 1977 study on the economic effects of compulsory patent licensing, which occurs when a government allows a third party to produce a patented product without the consent of the patent owner.
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Industrial Structure and Corporate Strategy
The cornerstone of Scherer's academic contribution is his analysis of industrial market structure and economic performance. First published in 1970 and updated through a third edition in 1990 with David Ross, this work examines how the layout of an industry influences its overall efficiency and output.
Collaborating with David J. Ravenscraft, Scherer also investigated the efficiency of mergers and sell-offs, providing critical insights into how the buying and selling of corporate assets impact economic productivity.
Chronological Summary of Selected Works
| Year | Title | Publisher/Journal |
|---|---|---|
| 2018 | Monopolies, Mergers and Competition Policy | Edward Elgar Pub |
| 2004 | Quarter Notes and Bank Notes: The Economics of Music Composition in the 18th and 19th Centuries | Princeton University Press |
| 1996 | Industry Structure, Strategy, and Public Policy | HarperCollins |
| 1984 | Innovation and Growth: Schumpeterian Perspectives | MIT Press |
| 1977 | The Economic Effects of Compulsory Patent Licensing | NYU Monograph Series |
| 1970-1990 | Industrial Market Structure and Economic Performance | Houghton-Mifflin |
| 1962-1964 | The Weapons Acquisition Process (Economic Analysis/Incentives) | Harvard Business School |
Frequently Asked Questions
What is the primary focus of Frederic M. Scherer's work?
His work primarily focuses on industrial organization, specifically the relationship between market structure, competition policy, and economic performance.
Did Scherer write about topics outside of traditional industrial economics?
Yes, he expanded his economic analysis to include the economics of music composition in the 18th and 19th centuries and the economic incentives within the weapons acquisition process.
Who were some of Scherer's frequent collaborators?
Scherer collaborated extensively with David J. Ravenscraft on topics such as high-technology competition and mergers, and with David Ross on the third edition of his work on industrial market structure.
Which publishers have released Scherer's research?
His works have been published by several prestigious institutions, including Harvard University Press, MIT Press, Princeton University Press, the Brookings Institution, and Edward Elgar.
How did Scherer approach the topic of innovation?
He approached innovation through Schumpeterian perspectives, analyzing how technological breakthroughs and innovation drive overall economic growth.