By Pat Devine
What does competitiveness suggest? lately, dialogue of monetary coverage has develop into ruled by way of the concept of competitiveness. during this quantity a gaggle of best economists discover the difficulty via cross-country comparisons and by way of unmarried kingdom case reviews. in addition they learn: * the connection among competitiveness and neighborhood goals * the co-existence of variety, subsidiarity and european commercial coverage * the impression of eu expansion and additional integration
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Extra resources for Competitiveness, Subsidiarity and Industrial Policy (Industrial Economic Strategies for Europe)
Pestoff, V. Jessop and K. Nielsen (eds), Institutional Frameworks of Market Economies: Scandinavian and Eastern European Perspectives, Aldershot: Avebury. Porter, M. (1990) The Competitive Advantage of Nations, London: Macmillan. Sinclair, P. (1993) ‘World Trade, Protectionist Follies, and Europe’s Options for the Future’, Oxford Review of Economic Policy, Autumn. Singh, A. ’, Cambridge Journal of Economics. Willner, J. (1994) ‘Competitiveness, Subsidiarity and Social Objectives: Issues for European Industrial Strategy’, paper presented at the 1994 Crete Workshop on Competitiveness, Subsidiarity and Objectives.
The most efficient solution is then approximated by maximizing the total surplus, or the difference between the area under the demand schedule and the total costs. 7 In Britain, recent Tory governments have seemed to believe that private ownership is to be prefered even under monopoly. The conditions under which this is true can easily be explored by assuming iso-elastic demand and constant returns to scale. In Box 1 below we show how much more cost efficient a private firm has to be before the industry performs better than under public ownership.
We ignore all other fixed costs, although they may be important in the type of industry under consideration. Thus, the cost function is . To get meaningful solutions, we have to assume that c2>b2. COMPETITIVENESS, SUBSIDIARITY AND INDUSTRIAL POLICY 27 A private monopolist is assumed to maximize profits given . The first step of the calculation then yields and Normally, the firm would choose no excess capacity because there is no uncertainty. Costs are increasing in and it therefore adapts capacity to the profit maximizing level of output.