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The Limited Role of Market Power in Generating Great Fortunes in Great Britain, the United States, and Australia

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  • Siegfried, John J
  • Blitz, Rudolph C
  • Round, David K

Abstract

Studies of the largest contemporary fortunes in Great Britain, the United States, and Australia each find that over two-thirds of the fortunes originated in competitive industries. A finding that market power is responsible for only one-third of the wealth of the wealthiest individuals is consistent with earlier research. Great fortunes can arise from competitive industries because of risk and uncertainty, inframarginal (Ricardian) rents, and disequilibrium. Copyright 1995 by Blackwell Publishing Ltd.

Suggested Citation

  • Siegfried, John J & Blitz, Rudolph C & Round, David K, 1995. "The Limited Role of Market Power in Generating Great Fortunes in Great Britain, the United States, and Australia," Journal of Industrial Economics, Wiley Blackwell, vol. 43(3), pages 277-286, September.
    • Handle: RePEc:bla:jindec:v:43:y:1995:i:3:p:277-86
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    Cited by:

    1. Saibal Ghosh, 2016. "Billionaire Wealth, Firm Performance and Financial Crisis: An Empirical Analysis for India," South Asian Journal of Macroeconomics and Public Finance, , vol. 5(2), pages 133-156, December.
    2. Stephen Martin, 2012. "Market Structure and Market Performance," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 40(2), pages 87-108, March.
    3. Jason Potts, 2006. "How Creative are the Super-Rich?," Agenda - A Journal of Policy Analysis and Reform, Australian National University, College of Business and Economics, School of Economics, vol. 13(4), pages 339-350.

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