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Convergence and Hierarchy of Industrial Profit Rates: The Case of Greek Manufacturing

Author

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  • Theodore P. Lianos

    (Athens University of Economics and Business (formerly Athens School of Economics and Business) Athens, Greece)

  • Vassilis Droucopoulos

    (University of Athens, Athens, Greece)

Abstract

The present paper examines the behavior of profit rate differentials of the manufacturing sector of the Greek economy for the period 1963-86. Specifically, we examine the stability of profit rate differentials over time, the existence of a given hierarchy of profit rates and the effect of the business cycle on the profit rate differentials. We find a mild tendency for convergence of profit rates, a slowly changing hierarchy of profit rates and a negative relationship between profit rate differentials and business cycles.

Suggested Citation

  • Theodore P. Lianos & Vassilis Droucopoulos, 1993. "Convergence and Hierarchy of Industrial Profit Rates: The Case of Greek Manufacturing," Review of Radical Political Economics, Union for Radical Political Economics, vol. 25(2), pages 67-80, June.
    • Handle: RePEc:sae:reorpe:v:25:y:1993:i:2:p:67-80
    DOI: 10.1177/048661349302500204
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    References listed on IDEAS

    as
    1. Glick, Mark & Ehrbar, Hans, 1990. "Long-run Equilibrium in the Empirical Study of Monopoly and Competition," Economic Inquiry, Western Economic Association International, vol. 28(1), pages 151-162, January.
    2. Mark Glick & Eduardo Ochoa, "undated". "Classical and Neoclassical Elements in Industrial Organization," Economics Working Paper Archive wp_14, Levy Economics Institute.
    3. Mark Glick & Eduardo M. Ochoa, 1990. "Classical and Neoclassical Elements in Industrial Organization," Eastern Economic Journal, Eastern Economic Association, vol. 16(3), pages 197-207, Jul-Sep.
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    Cited by:

    1. Andrea Vaona, 2010. "On the gravitation and convergence of industry profit rates in Denmark, Finland, Italy and the US," Working Papers 02/2010, University of Verona, Department of Economics.
    2. Michaelides, Panayotis G. & Belegri-Roboli, Athena & Economakis, George & Milios, John G., 2005. "The Determinants of Investment Activity in Greece (1960-’99)," MPRA Paper 74548, University Library of Munich, Germany.
    3. Julian Wells, Julian, 2007. "The rate of profit as a random variable," MPRA Paper 98235, University Library of Munich, Germany.
    4. Tsoulfidis, Lefteris & Tsaliki, Persefoni, 2011. "Classical competition and regulating capital: theory and empirical evidence," MPRA Paper 51334, University Library of Munich, Germany, revised 2013.
    5. Andrea Vaona, 2012. "Further econometric evidence on the gravitation and convergence of industrial rates of return on regulating capital," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 35(1), pages 113-136.
    6. Stefania Tescari & Andrea Vaona, 2014. "Regulating Rates of Return Do Gravitate in US Manufacturing!," Metroeconomica, Wiley Blackwell, vol. 65(3), pages 377-396, July.
    7. Trofimov, Ivan D., 2018. "Industry rates of return in Korea and alternative theories of competition: equalising convergence versus tendential equalisation," MPRA Paper 88390, University Library of Munich, Germany.

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