54) The main reason is that the potential licensor may stand to gain supernormal
rents by refusing to license to competitors.
The aborigine's whirling performance presents "low" visionary-mystical experience, "which include[s] apparitions [and] supernormal
enhancement of the senses" (Hollenback ix).
Of course, the supervisor must be ready to act firmly if supernormal
losses ensue, and comparing actual capital with the minimum level can be helpful in developing early signals of impending difficulties.
Wealth transfers from open market suppliers to the processing industry are more readily seen as inequitable, and thereby call forth corrective policies, if they constitute supernormal
profits for the recipient.
The persistence of supernormal
profits can be illustrated by the expected surplus profit of a surviving firm, that is
Oswald, "Entrepreneurship, Happiness, and Supernormal
Returns: Evidence from Britain and the United States, "No.
life is, you think, when you drive through Tel Aviv's urban sprawl, inching in traffic over ever-expanding highways, listening to the same lazy radio talk you might hear in New York or London.
There are 67 announcements of supernormal
Ryan and Keddy-Hector (1992) review several other examples of preference for supernormal
stimuli, a well-known idea in ethology (Tinbergen, 1953).
A company earning supernormal
profits attracts competitors, and unless the firm creates new competitive advantage it will eventually lose its market edge.
A quick examination of McKesson indicates that we do not have a problem explaining their supernormal
income stream: in the period from 1975 to 1985, the first decade after Economost's introduction, McKesson's profit margins were slightly below industry norms, and their market share remained flat at approximately one fifth of the market, and their stock price remained depressed.