In the present paper I examine Brozen's (1970, 1971a, b, c, 1982) Competitive Environment Hypothesis and Mueller's (1977) Persistence of Profits Hypothesis in the Greek manufacturing industries between 1958 and 1984. The analysis reveals a positive (market power) association between past and current price-cost margins, although a considerable scrambling in the ranks of price-cost margins takes place over time. A high concentration and high barriers to entry sub-sample of markets examined, showed a general reduction in concentration, barriers to entry and a mobility in price-cost margins ranks, indicating that disciplinary competitive forces are also at work within manufacturing markets.
Review of Industrial Organization – Springer Journals
Published: Sep 29, 2004
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