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Testing Profit Rate Equalization in the U.S. Manufacturing Sector: 1947-1998
Social Science Research Network
Long-run di¤erentials in interindustrial pro...tability are relevant for several areas of theoretical and applied economics because they characterize the overall nature of competition in a capitalist economy. This paper argues that the existing empirical models of competition in the industrial organization literature su¤er from serious ‡aws. An alternative framework, based on recent advances in the econometric modeling of the long run, is developed for estimating the size of long-run pro...tdoi:10.2139/ssrn.259844 fatcat:lct4xlvuifb4np4nakyjtrnqpe