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Classical Competition and Regulating Capital: Theory and Empirical Evidence

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In this article we discuss the salient features of the classical and neoclassical theories of competition and we test their fundamental propositions using data from Greek manufacturing industries. The cross section data of 3-digit (total 91) industries of the three (pooled together) census years show no evidence of a direct statistical relationship between the degree of concentration and profitability. The econometric analysis of time series data for 2-digit industries lends support to the hypothesis for the long-run tendential equalization of incremental rates of return to the economy’s average incremental rate of return.

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Paper provided by Department of Economics, University of Macedonia in its series Discussion Paper Series with number 2011_02.

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Date of creation: Feb 2011
Date of revision: Feb 2011
Handle: RePEc:mcd:mcddps:2011_02

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Web page: http://www.uom.gr/index.php?tmima=3

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Keywords: Competition; regulating capital; incremental rate of return; tendential equalization.;

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Cited by:
  1. Stefania Tescari & Andrea Vaona, 2013. "Regulating rates of return do gravitate in US manufacturing!," Working Papers 19/2013, University of Verona, Department of Economics.

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