Abstract
This paper calculates social welfare loss due to market imperfections in Japanese industries for the two periods, 1966–1970 and 1976–1980, utilizing firm data, and then investigates into the characteristics at a disaggregated level. Our principal findings are; (1) the aggregate loss as a percent of national income is relatively stable over time, and is similar to the order of magnitude reported for the U.S. and European countries; (2) a relatively small number of industries and also a few firms account for a larger share of total loss; and (3) regulated industries show larger loss-to-sales ratio.
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