THE LIMITED ROLE OF MARKET POWER IN GENERATING GREAT FORTUNES IN GREAT-BRITAIN, THE UNITED-STATES, AND AUSTRALIA

Authors
SIEGFRIED JJ BLITZ RC ROUND DK
Citation
Jj. Siegfried et al., THE LIMITED ROLE OF MARKET POWER IN GENERATING GREAT FORTUNES IN GREAT-BRITAIN, THE UNITED-STATES, AND AUSTRALIA, Journal of industrial economics, 43(3), 1995, pp. 277-286
Citations number
8
Categorie Soggetti
Economics,"Business Finance
Journal title
Journal of industrial economics → ACNP
ISSN journal
00221821
Volume
43
Issue
3
Year of publication
1995
Pages
277 - 286
Database
ISI
SICI code
0022-1821(1995)43:3<277:TLROMP>2.0.ZU;2-L
Abstract
Studies of the largest contemporary fortunes in Great Britain, the Uni ted States, and Australia each find that over two-thirds of the fortun es originated in competitive industries. A finding that market power i s responsible for only one-third of the wealth of the wealthiest indiv iduals is consistent with earlier research. Great fortunes can arise f rom competitive industries because of risk and uncertainty, infra-marg inal (Ricardian) rents, and disequilibrium.