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Internal Growth

In: Welfare Economics and Antitrust Policy — Vol. II

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  • Richard S. Markovits

    (The University of Texas at Austin)

Abstract

Firms can grow internally by expanding their capacity, making quality-or-variety-increasing investments, executing production-process research, or (I suppose) investing in new production facilities that incorporate known technology. For many years, economic analyses of a variety of issues (such as the impact of effective potential competition) proceeded on an implicit assumption that existing firms owned a given set of QV investments or investments in PPR and that, although owners of existing firms could decide to retire or not renew an extant investment or to grow through merger or acquisition or by creating a joint venture, they could not or would not choose to grow internally (in my terms) by creating new QV investments or executing new PPR projects (e.g., again in my terms, by responding to effective potential competition by making a limit investment). Obviously, the economists who were making this assumption knew that firms could and did engage in internal growth. They just chose not to investigate this phenomenon and not to consider its implications for issues they did address.

Suggested Citation

  • Richard S. Markovits, 2022. "Internal Growth," Springer Books, in: Welfare Economics and Antitrust Policy — Vol. II, chapter 0, pages 283-291, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-96482-5_16
    DOI: 10.1007/978-3-030-96482-5_16
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