Industry Rates of Return in Korea and Alternative Theories of Competition : Equalizing Convergence Versus Tendential Equalization
This paper considers convergence and equalization in industry profit rates in the Republic of Korea during the period 1970-2015, from the perspective of alternative paradigms of competition — classical and neoclassical. Two measures of profitability — average rate of profit based on the total capital stock in the economy, and Incremental Rate of Profit (IROP) based on the concept of regulating capital — are estimated. It is shown that little convergence in industry rates of profit occurs when the former measure is used, while almost complete equalization of IROP is achieved. The classical-type equalization takes place in particular capital accumulation and competitive settings in Korea, characterized by the prominent role of diversified conglomerate firms, the capital flows within conglomerates, investment coordination by the state, and the fast pace of capital accumulation and renewal
Year of publication: |
2019
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Authors: | Trofimov, Ivan D |
Publisher: |
[2019]: [S.l.] : SSRN |
Subject: | Südkorea | South Korea | Wettbewerb | Competition | Industrie | Manufacturing industries | Neoklassische Theorie | Neoclassical economics |
Description of contents: | Abstract [papers.ssrn.com] |
Saved in:
Extent: | 1 Online-Ressource |
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Type of publication: | Book / Working Paper |
Language: | English |
Notes: | In: The IUP Journal of Applied Economics, Vol. XVIII, No. 1, January 2019, pp. 7-50 Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments January 6, 2019 erstellt Volltext nicht verfügbar |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10012869020
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