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    Steindl's analysis of firm growth and the tendency toward industry concentration

    20973_downloaded_stream_429.pdf (112.3Kb)
    Access Status
    Open access
    Authors
    Bloch, Harry
    Date
    2005
    Type
    Book Chapter
    
    Metadata
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    Citation
    Bloch, Harry. 2005. Steindl's analysis of firm growth and the tendency toward industry concentration, in Mott, Tracy and Shapiro, Nina (ed), Rethinking Capitalist development: essays on the economics of Josef Steindl, pp 23-36. Abingdon, Oxon, UK: Routledge.
    Source Title
    Rethinking Capitalist Development: Essays on the Economics of Josef Steindl
    Faculty
    Curtin Business School
    School of Economics and Finance
    URI
    http://hdl.handle.net/20.500.11937/24239
    Collection
    • Curtin Research Publications
    Abstract

    A recurring theme in Steindl's analysis of firm growth is the tendency toward industry concentration. His earliest writings examine the influence of risk on firm growth (Steindl (1941, (1945a) and (1945b)). He then turns his attention to the influence of technical progress ( Steindl (1976), and, finally, to the influence of random processes (Steindl (1965)). In each of these analyses there emerges a tendency toward the concentration of industry.Steindl takes the concentration of industry to be an established fact of mature capitalism and sees his analysis as providing an explanation for this fact. The same analysis provides the basis for the behavior patterns attributed to oligopolistic firms. He then examines the implications of the oligopolistic pricing and investment behavior for macroeconomic performance (Steindl (1976), (1979) and (1989)). The analysis of firm growth thus provides the foundation for Steindl's understanding of mature capitalism. The present essay examines Steindl's analysis of firm growth and evaluates his explanation of industry concentration.

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