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On the Nature of Industrial Market Power in the United Kingdom

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  • Hazledine, Tim

Abstract

Harry Johnson described Industrial Organization as a 'peripheral' subject 'on which the British have always been extremely weak'. On the face of it, there seems to be some justice in this. For one thing, Industrial Organization has not achieved the sort of lively interaction between theory and measurement that has developed in other fields, such as the Demand for Money, the Consumption function, the determinants of investment, and so on, in which we can enjoy the sight of econometric models being quite tightly specified with respect to the definition and choice of variables to be included, the functional form, and the sign and even magnitude of coefficients to be expected, supposedly before any confrontation with the actual data.

Suggested Citation

  • Hazledine, Tim, 1979. "On the Nature of Industrial Market Power in the United Kingdom," The Warwick Economics Research Paper Series (TWERPS) 146, University of Warwick, Department of Economics.
    • Handle: RePEc:wrk:warwec:146
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