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Real Competition and Empirical Evidence

In: Classical Political Economics and Modern Capitalism

Author

Listed:
  • Lefteris Tsoulfidis

    (University of Macedonia)

  • Persefoni Tsaliki

    (Aristotle University of Thessaloniki)

Abstract

The empirical aspects of the classical theory of competition are examined as well as the extent to which a central proposition or economic law of the classical theory of competition, that is, the inter-industry equalization of profit rates, is confirmed. The discussion extends to include important issues of classical competition, such as the presence of monopoly in actual economies and whether or not phenomena usually attributed to monopoly and its power over market forces may have an explanation based on the classical theory of competition. The empirical research refers to the Greek economy, continues with the Japanese and ends with the US economy. Empirical results corroborate the classical theory of competition and the tendential equalization of inter-industry profit rates and rule out the case of monopoly and its power over market forces.

Suggested Citation

  • Lefteris Tsoulfidis & Persefoni Tsaliki, 2019. "Real Competition and Empirical Evidence," Springer Books, in: Classical Political Economics and Modern Capitalism, chapter 0, pages 249-283, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-17967-0_6
    DOI: 10.1007/978-3-030-17967-0_6
    as

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