Real Competition and Empirical Evidence

Lefteris Tsoulfidis () and Persefoni Tsaliki

Chapter Chapter 6 in Classical Political Economics and Modern Capitalism, 2019, pp 249-283 from Springer

Abstract: 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.

Keywords: Interindustry equalization of profit rates; Monopoly power; Concentration; Profit margins; Regulating capital; Actual economies (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-17967-0_6

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DOI: 10.1007/978-3-030-17967-0_6

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