In this article we discuss the salient features of the classical and neoclassical theories of competition and we test their fundamental propositions using data from Greek manufacturing industries. The cross section data of 3-digit (total 91) industries of the three (pooled together) census years...

This article reexamines the long-run and short-run determinants of the aggregate residential demand for electricity in Greece using data spanning the period 1964-2006 and the recently advanced ARDL cointegrating procedure that has not been hitherto tried to Greek data. The results of the...

The objective of this paper is to contribute to the understanding of the linear and non-linear causal linkages between total energy consumption and economic activity, making use of annual time series of Greece for the period 1960-2008. Two are the salient features of our study: first, the total...

Classical economists mainly Smith, Ricardo and J.S. Mill abhorred public debts because of their interference with capital accumulation. J.S. Mill in particular argued that a rising public debt leads to higher interest rates and falling real wages, a combination which may be consistent with a...

Brody’s conjecture is submitted to an empirical test using input-output flow data of varying size for the US economy for the benchmark years 1997 and 2002, as well as for the period 1998-2010. The results suggest that the ratio of the modulus of the subdominant eigenvalue to the dominant one...

Many empirical studies indicate that the deviations of actual prices of production from labour values are not too sensitive to the type of measure used for their evaluation. This paper attempts to theorize this rather ‘stylized fact’ by focusing on the relationships between the traditional...

This article discusses two major conceptions of competition, the classical and the neoclassical. In the classical conception, competition is viewed as a dynamic rivalrous process of firms struggling with each other over the expansion of their market shares. This dynamic view of competition...

Smith’s theory of the falling rate of profit has been usually interpreted as a result of the intensification of competition in the markets of goods and services of the factors of production. This aspect of Adam Smith had been initially posed by Ricardo and subsequently was widely adopted by...