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

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).1 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.