diff --git a/src/economy_type.h b/src/economy_type.h
index 87e4482672..842e2711c3 100644
--- a/src/economy_type.h
+++ b/src/economy_type.h
@@ -15,6 +15,15 @@
 
 typedef OverflowSafeInt64 Money;
 
+/** Type of the game economy. */
+enum EconomyType : uint8 {
+	ET_BEGIN = 0,
+	ET_ORIGINAL = 0,
+	ET_SMOOTH = 1,
+	ET_FROZEN = 2,
+	ET_END = 3,
+};
+
 /** Data of the economy. */
 struct Economy {
 	Money max_loan;                       ///< NOSAVE: Maximum possible loan
diff --git a/src/industry_cmd.cpp b/src/industry_cmd.cpp
index 443702993e..b8b92e5bf9 100644
--- a/src/industry_cmd.cpp
+++ b/src/industry_cmd.cpp
@@ -1736,8 +1736,8 @@ static void DoCreateNewIndustry(Industry *i, TileIndex tile, IndustryType type,
 	MemSetT(i->incoming_cargo_waiting,     0, lengthof(i->incoming_cargo_waiting));
 	MemSetT(i->last_cargo_accepted_at,     0, lengthof(i->last_cargo_accepted_at));
 
-	/* don't use smooth economy for industries using production related callbacks */
-	if (indspec->UsesSmoothEconomy()) {
+	/* Randomize inital production if non-original economy is used and there are no production related callbacks. */
+	if (!indspec->UsesOriginalEconomy()) {
 		for (size_t ci = 0; ci < lengthof(i->production_rate); ci++) {
 			i->production_rate[ci] = min((RandomRange(256) + 128) * i->production_rate[ci] >> 8, 255);
 		}
@@ -2304,7 +2304,7 @@ static void UpdateIndustryStatistics(Industry *i)
 void Industry::RecomputeProductionMultipliers()
 {
 	const IndustrySpec *indspec = GetIndustrySpec(this->type);
-	assert(!indspec->UsesSmoothEconomy());
+	assert(indspec->UsesOriginalEconomy());
 
 	/* Rates are rounded up, so e.g. oilrig always produces some passengers */
 	for (size_t i = 0; i < lengthof(this->production_rate); i++) {
@@ -2604,8 +2604,8 @@ static void ChangeIndustryProduction(Industry *i, bool monthly)
 	bool standard = false;
 	bool suppress_message = false;
 	bool recalculate_multipliers = false; ///< reinitialize production_rate to match prod_level
-	/* don't use smooth economy for industries using production related callbacks */
-	bool smooth_economy = indspec->UsesSmoothEconomy();
+	/* use original economy for industries using production related callbacks */
+	bool original_economy = indspec->UsesOriginalEconomy();
 	byte div = 0;
 	byte mul = 0;
 	int8 increment = 0;
@@ -2640,7 +2640,8 @@ static void ChangeIndustryProduction(Industry *i, bool monthly)
 			}
 		}
 	} else {
-		if (monthly != smooth_economy) return;
+		if (monthly == original_economy) return;
+		if (!original_economy && _settings_game.economy.type == ET_FROZEN) return;
 		if (indspec->life_type == INDUSTRYLIFE_BLACK_HOLE) return;
 	}
 
@@ -2648,7 +2649,16 @@ static void ChangeIndustryProduction(Industry *i, bool monthly)
 		/* decrease or increase */
 		bool only_decrease = (indspec->behaviour & INDUSTRYBEH_DONT_INCR_PROD) && _settings_game.game_creation.landscape == LT_TEMPERATE;
 
-		if (smooth_economy) {
+		if (original_economy) {
+			if (only_decrease || Chance16(1, 3)) {
+				/* If more than 60% transported, 66% chance of increase, else 33% chance of increase */
+				if (!only_decrease && (i->last_month_pct_transported[0] > PERCENT_TRANSPORTED_60) != Chance16(1, 3)) {
+					mul = 1; // Increase production
+				} else {
+					div = 1; // Decrease production
+				}
+			}
+		} else if (_settings_game.economy.type == ET_SMOOTH) {
 			closeit = true;
 			for (byte j = 0; j < lengthof(i->produced_cargo); j++) {
 				if (i->produced_cargo[j] == CT_INVALID) continue;
@@ -2698,20 +2708,11 @@ static void ChangeIndustryProduction(Industry *i, bool monthly)
 					ReportNewsProductionChangeIndustry(i, i->produced_cargo[j], percent);
 				}
 			}
-		} else {
-			if (only_decrease || Chance16(1, 3)) {
-				/* If more than 60% transported, 66% chance of increase, else 33% chance of increase */
-				if (!only_decrease && (i->last_month_pct_transported[0] > PERCENT_TRANSPORTED_60) != Chance16(1, 3)) {
-					mul = 1; // Increase production
-				} else {
-					div = 1; // Decrease production
-				}
-			}
 		}
 	}
 
 	if (!callback_enabled && (indspec->life_type & INDUSTRYLIFE_PROCESSING)) {
-		if ( (byte)(_cur_year - i->last_prod_year) >= 5 && Chance16(1, smooth_economy ? 180 : 2)) {
+		if ( (byte)(_cur_year - i->last_prod_year) >= 5 && Chance16(1, original_economy ? 2 : 180)) {
 			closeit = true;
 		}
 	}
@@ -2934,14 +2935,14 @@ Money IndustrySpec::GetRemovalCost() const
 }
 
 /**
- * Determines whether this industrytype uses smooth economy or whether it uses standard/newgrf production changes.
- * @return true if smooth economy is used.
+ * Determines whether this industrytype uses standard/newgrf production changes.
+ * @return true if original economy is used.
  */
-bool IndustrySpec::UsesSmoothEconomy() const
+bool IndustrySpec::UsesOriginalEconomy() const
 {
-	return _settings_game.economy.smooth_economy &&
-		!(HasBit(this->callback_mask, CBM_IND_PRODUCTION_256_TICKS) || HasBit(this->callback_mask, CBM_IND_PRODUCTION_CARGO_ARRIVAL)) && // production callbacks
-		!(HasBit(this->callback_mask, CBM_IND_MONTHLYPROD_CHANGE) || HasBit(this->callback_mask, CBM_IND_PRODUCTION_CHANGE) || HasBit(this->callback_mask, CBM_IND_PROD_CHANGE_BUILD)); // production change callbacks
+	return _settings_game.economy.type == ET_ORIGINAL ||
+		HasBit(this->callback_mask, CBM_IND_PRODUCTION_256_TICKS) || HasBit(this->callback_mask, CBM_IND_PRODUCTION_CARGO_ARRIVAL) || // production callbacks
+		HasBit(this->callback_mask, CBM_IND_MONTHLYPROD_CHANGE) || HasBit(this->callback_mask, CBM_IND_PRODUCTION_CHANGE) || HasBit(this->callback_mask, CBM_IND_PROD_CHANGE_BUILD); // production change callbacks
 }
 
 IndustrySpec::~IndustrySpec()
diff --git a/src/industry_gui.cpp b/src/industry_gui.cpp
index a795b6a0ed..e54b1b2a4b 100644
--- a/src/industry_gui.cpp
+++ b/src/industry_gui.cpp
@@ -1080,7 +1080,7 @@ public:
 		const Industry *i = Industry::Get(this->window_number);
 		if (IsProductionAlterable(i)) {
 			const IndustrySpec *ind = GetIndustrySpec(i->type);
-			this->editable = ind->UsesSmoothEconomy() ? EA_RATE : EA_MULTIPLIER;
+			this->editable = ind->UsesOriginalEconomy() ? EA_MULTIPLIER : EA_RATE;
 		} else {
 			this->editable = EA_NONE;
 		}
@@ -1100,7 +1100,7 @@ public:
 static void UpdateIndustryProduction(Industry *i)
 {
 	const IndustrySpec *indspec = GetIndustrySpec(i->type);
-	if (!indspec->UsesSmoothEconomy()) i->RecomputeProductionMultipliers();
+	if (indspec->UsesOriginalEconomy()) i->RecomputeProductionMultipliers();
 
 	for (byte j = 0; j < lengthof(i->produced_cargo); j++) {
 		if (i->produced_cargo[j] != CT_INVALID) {
diff --git a/src/industrytype.h b/src/industrytype.h
index 8af486c210..937ff62cb9 100644
--- a/src/industrytype.h
+++ b/src/industrytype.h
@@ -144,7 +144,7 @@ struct IndustrySpec {
 	bool IsProcessingIndustry() const;
 	Money GetConstructionCost() const;
 	Money GetRemovalCost() const;
-	bool UsesSmoothEconomy() const;
+	bool UsesOriginalEconomy() const;
 
 	~IndustrySpec();
 };
diff --git a/src/lang/english.txt b/src/lang/english.txt
index 510e29279b..142cc83f97 100644
--- a/src/lang/english.txt
+++ b/src/lang/english.txt
@@ -1553,8 +1553,11 @@ STR_CONFIG_SETTING_ENDING_YEAR                                  :Scoring end yea
 STR_CONFIG_SETTING_ENDING_YEAR_HELPTEXT                         :Year the game ends for scoring purposes. At the end of this year, the company's score is recorded and the high-score screen is displayed, but the players can continue playing after that.{}If this is before the starting year, the high-score screen is never displayed.
 STR_CONFIG_SETTING_ENDING_YEAR_VALUE                            :{NUM}
 STR_CONFIG_SETTING_ENDING_YEAR_ZERO                             :Never
-STR_CONFIG_SETTING_SMOOTH_ECONOMY                               :Enable smooth economy (more, smaller changes): {STRING2}
-STR_CONFIG_SETTING_SMOOTH_ECONOMY_HELPTEXT                      :When enabled, industry production changes more often, and in smaller steps. This setting has usually no effect, if industry types are provided by a NewGRF
+STR_CONFIG_SETTING_ECONOMY_TYPE                                 :Economy type: {STRING2}
+STR_CONFIG_SETTING_ECONOMY_TYPE_HELPTEXT                        :Smooth economy makes production changes more often, and in smaller steps. Frozen economy stops production changes and industry closures. This setting may have no effect if industry types are provided by a NewGRF.
+STR_CONFIG_SETTING_ECONOMY_TYPE_ORIGINAL                        :Original
+STR_CONFIG_SETTING_ECONOMY_TYPE_SMOOTH                          :Smooth
+STR_CONFIG_SETTING_ECONOMY_TYPE_FROZEN                          :Frozen
 STR_CONFIG_SETTING_ALLOW_SHARES                                 :Allow buying shares from other companies: {STRING2}
 STR_CONFIG_SETTING_ALLOW_SHARES_HELPTEXT                        :When enabled, allow buying and selling of company shares. Shares will only be available for companies reaching a certain age
 STR_CONFIG_SETTING_MIN_YEARS_FOR_SHARES                         :Minimum company age to trade shares: {STRING2}
diff --git a/src/settings_gui.cpp b/src/settings_gui.cpp
index a124d69894..cfb6bc5b81 100644
--- a/src/settings_gui.cpp
+++ b/src/settings_gui.cpp
@@ -1729,7 +1729,7 @@ static SettingsContainer &GetSettingsTree()
 				industries->Add(new SettingEntry("construction.industry_platform"));
 				industries->Add(new SettingEntry("economy.multiple_industry_per_town"));
 				industries->Add(new SettingEntry("game_creation.oil_refinery_limit"));
-				industries->Add(new SettingEntry("economy.smooth_economy"));
+				industries->Add(new SettingEntry("economy.type"));
 				industries->Add(new SettingEntry("station.serve_neutral_industries"));
 			}
 
diff --git a/src/settings_type.h b/src/settings_type.h
index fdb2b0f862..2dbca59d82 100644
--- a/src/settings_type.h
+++ b/src/settings_type.h
@@ -11,6 +11,7 @@
 #define SETTINGS_TYPE_H
 
 #include "date_type.h"
+#include "economy_type.h"
 #include "town_type.h"
 #include "transport_type.h"
 #include "network/core/config.h"
@@ -470,7 +471,7 @@ struct VehicleSettings {
 struct EconomySettings {
 	bool   inflation;                        ///< disable inflation
 	bool   bribe;                            ///< enable bribing the local authority
-	bool   smooth_economy;                   ///< smooth economy
+	EconomyType type;                        ///< economy type (original/smooth/frozen)
 	bool   allow_shares;                     ///< allow the buying/selling of shares
 	uint8  min_years_for_shares;             ///< minimum age of a company for it to trade shares
 	uint8  feeder_payment_share;             ///< percentage of leg payment to virtually pay in feeder systems
diff --git a/src/table/settings.ini b/src/table/settings.ini
index c7dbd2128b..bba7d61e82 100644
--- a/src/table/settings.ini
+++ b/src/table/settings.ini
@@ -1429,12 +1429,17 @@ strhelp  = STR_CONFIG_SETTING_ENDING_YEAR_HELPTEXT
 strval   = STR_CONFIG_SETTING_ENDING_YEAR_VALUE
 cat      = SC_ADVANCED
 
-[SDT_BOOL]
+[SDT_VAR]
 base     = GameSettings
-var      = economy.smooth_economy
-def      = true
-str      = STR_CONFIG_SETTING_SMOOTH_ECONOMY
-strhelp  = STR_CONFIG_SETTING_SMOOTH_ECONOMY_HELPTEXT
+var      = economy.type
+type     = SLE_UINT8
+guiflags = SGF_MULTISTRING
+def      = ET_SMOOTH
+min      = ET_BEGIN
+max      = ET_END - 1
+str      = STR_CONFIG_SETTING_ECONOMY_TYPE
+strhelp  = STR_CONFIG_SETTING_ECONOMY_TYPE_HELPTEXT
+strval   = STR_CONFIG_SETTING_ECONOMY_TYPE_ORIGINAL
 proc     = InvalidateIndustryViewWindow
 cat      = SC_BASIC