The present paper examines the behavior of profit rate differentials of the manufacturing sector of the Greek economy for the period 1963-86. Specifically, we examine the stability of profit rate differentials over time, the existence of a given hierarchy of profit rates and the effect of the business cycle on the profit rate differentials. We find a mild tendency for convergence of profit rates, a slowly changing hierarchy of profit rates and a negative relationship between profit rate differentials and business cycles.
Get full access to this article
View all access options for this article.
References
1.
Glick, Mark
. 1985. Monopoly or Competition in the U.S. Economy?Reiew of Radical Political Economics17(4): 121-127.
2.
Glick, M.
and H. Ehrbar. 1988. Profit Rate Equalization in the U.S. and Europe: An Econometric Investigation. European Journal of Political Economy4(1): 179-201.
3.
Glick, M.
and H. Ehrbar. 1990. Long-run Equilibrium in the Empirical Study of Monopoly and Competition. Economic InquiryXXVII: 151-162.
4.
Glick, M.
and E. Ochoa. 1990. Classical and Neoclassical Elements in Industrial Organization. Eastern Economic JournalXVI(3): 197-207.
Kintis, A.1986. Estimates of Fixed Capital in Greek Manufacturing, Economic Research Center, Athens School of Economics and Business, Athens, Greece (unpublished paper in Greek).
7.
Marx, K.1971. Capital Vol. m, Progress Publ.Moscow.
8.
Ochoa, E.M.1987. On differing Views of the Long Run: Reflections on Monopoly or Competition in the U.S. Economy?Rewew of Radical Political Economics19(3): 69-74.
9.
Petrakis, P.1984-86. Financing Greek Manufacturing 1975-1978. Economic Bulletin. Commercial Bank of Greece, Athens.
10.
Reati, A.1986. The Rate of Profit and the Organic Composition of Capital in West German Industry from 1960 to 1981. Review of Radical Political Economics18(1-2): 56-86.
11.
Schmalensee. R.1989. Intra-Industry Profitability Differences in U.S. Manufacturing 1953-1983. Journal of Industrial EconomicsXXXVI(4): 337-357.
12.
Semmler, W.1982. Competition, Monopoly and Differentials of Profit Rates: Theoretical Considerations and Empirical Evidence. Review of Radical Political Economics13(4): 39-52.
13.
Sherman, H.1983. Monopoly Power and Profit Rates. Review of Radical Political Economics15(2): 125-133.
