Small and Big Business

Steindl, Josef

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Document type:: Works

Collection:: Josef Steindl Collection

Title:: Small and Big Business: Introduction [2nd revision]

Author:: Steindl, Josef

Scope:: Typoskript, 21 Blätter, mit Hilfe von Tipp-Ex korrigierte Version

Year of publication:: 1978

Source material date:: [04.1978]

Language:: English

Note:: Das Typoskript stellt die 2. revidierte bzw. korrigierte Fassung der 1972 neu verfassten Einleitung zu "Small and Big Business" (1945) dar. Vermutlich zwecks der spanischen Ausgabe des Buches verfasst.

Topic:: Firm and market structure

JEL Classification:: D24 [Production, Cost, Capital, Capital, Total Factor, and Multifactor Productivity, Capacity] D43 [Market Structure, Pricing, and Design: Oligopoly and Other Forms of Market Imperfection] L11 [Production, Pricing, and Market Structure, Size Distribution of Firms]

Shelfmark:: S/M.3.11

DOI:: https://doi.org/10.48671/nls.js.AC14446394

Small and Big Business Introduction Several decades after the first publication of this little book I do not find myself in full agreement with everything it contains. Since I have no time to re-write it completely I better leave it as it stands and try to explain in the following what amendments I should have liked to make. My chief amendment concerns an error in interpreting the statistics of U.S. corporations which show that fixed capital in relation to turnover increases with the size of the firm (Chapter III, Table IX, p. 24). This does not demonstrate, as I wrongly concluded, that the larger firms have a higher 1) capital coefficient in the accepted sense of the term. It is due to a different fact, namely the greater vertical integration of the larger firms. In fact, as far as the higher size classes are concerned, Table IX shows that the apparent rise in capital-output ratio is strong in paper (where the large concerns own forests), metals (where they own mines) and chemicals (where vertical integration also plays a large role) while the other industries show no increase. 1) Or capital-output ratio, as I called it. The present use of the terms "capital coefficient" and "capital-intensity" for capital per unit of output and capital per man had not been firmly established then.

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