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Alternative Theories of Competition: evidence from Greek manufacturing

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  • Persefoni Tsaliki
  • Lefteris Tsoulfidis

Abstract

The objective of this paper is to evaluate empirically the relevance of the neoclassical, post-Keynesian, and classical theories of competition in the light of the available empirical evidence from Greek large-scale manufacturing industries. The econometric analysis shows that the classical and post-Keynesian models provide a fairly good account of profit differentials, whereas the neoclassical performed the worst of the three. Between the classical and post-Keynesian models, we find that the classical is more consistent with the phenomena that it is designed to explain. Finally, a hybrid model combining variables from the three alternative theories displays the highest explanatory power.

Suggested Citation

  • Persefoni Tsaliki & Lefteris Tsoulfidis, 1998. "Alternative Theories of Competition: evidence from Greek manufacturing," International Review of Applied Economics, Taylor & Francis Journals, vol. 12(2), pages 187-204.
    • Handle: RePEc:taf:irapec:v:12:y:1998:i:2:p:187-204
    DOI: 10.1080/02692179800000002
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    References listed on IDEAS

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    1. Baumol, William J, 1982. "Contestable Markets: An Uprising in the Theory of Industry Structure," American Economic Review, American Economic Association, vol. 72(1), pages 1-15, March.
    2. Ricardo, David, 1821. "On the Principles of Political Economy and Taxation," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, edition 3, number ricardo1821.
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    Cited by:

    1. Lefteris Tsoulfidis, 2015. "Contending Conceptions of Competition and the Role of Regulating Capital," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 62(1), pages 15-31, March.
    2. 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.
    3. 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.
    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. Nicholas Apergis & Vasilios Monastiriotis, 2013. "Price Concentration: New Evidence from Greek Industries and the Cournot Model," Economic Papers, The Economic Society of Australia, vol. 32(2), pages 265-271, June.
    6. Tsoulfidis, Lefteris & Alexiou, Constantinos & Parthenidis, Thanasis, 2015. "Revisiting profit persistence and the stock market in Japan," Structural Change and Economic Dynamics, Elsevier, vol. 33(C), pages 10-24.
    7. Tsoulfidis, Lefteris, 2011. "Classical vs. Neoclassical Conceptions of Competition," MPRA Paper 43999, University Library of Munich, Germany, revised Oct 2012.

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