A long-run tendency of industry profit rates to converge to a single competitive level has been a fundamental tenet of the industrial organization approach to the study of competitiveness in a market economy. This paper shows that for the post-World War II period a weak equalization can be econometrically identified with different reaction speeds by industry. However, persistent profit rate differences endure. Finally, a portfolio theory of risk is considered as an explanation of these differentials. Copyright 1990 by Oxford University Press.
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Article provided by Oxford University Press in its journal Economic Inquiry.
Volume (Year): 28 (1990) Issue (Month): 1 (January) Pages: 151-62 Download reference. The following formats are available: HTML
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Handle: RePEc:oup:ecinqu:v:28:y:1990:i:1:p:151-62
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