5 options
In defense of monopoly / Richard B. McKenzie and Dwight R. Lee.
- Format:
- Book
- Author/Creator:
- McKenzie, Richard B.
- Language:
- English
- Subjects (All):
- Monopolies.
- Production (Economic theory).
- Physical Description:
- 1 online resource (xxi, 297 pages) : illustrations
- Place of Publication:
- Ann Arbor, Michigan : University of Michigan Press, [2008]
- Summary:
- In Defense of Monopoly offers an unconventional but empirically grounded argument in favor of market monopolies. Authors McKenzie and Lee claim that conventional, static models exaggerate the harm done by real-world monopolies, and they show why some degree of monopoly presence is necessary to maximize the improvement of human welfare over time. Inspired by Joseph Schumpeter's suggestion that market imperfections can drive an economy's long-term progress, In Defense of Monopoly defies conventional assumptions to show readers why an economic system's failure to efficiently allocate its resources is actually a necessary precondition for maximizing the system's long-term performance: the perfectly fluid, competitive economy idealized by most economists is decidedly inferior to one characterized by market entry and exit restrictions or costs.
- Contents:
- Chapter 1. "The wretched spirit of monopoly"
- Chapter 2. Deadweight-loss monopoly
- Chapter 3. Monopoly as a coordination problem
- Chapter 4. Welfare-enhancing monopolies
- Chapter 5. Locked-in consumers
- Chapter 6. Monopoly prices and the client and bonding effects
- Chapter 7. The monopsony problem
- Chapter 8. The NCAA: a case study of the misuse of the monopsony and monopoly models
- Chapter 9. Monopoly as entrepreneurship
- Chapter 10. Property and monopoly
- Chapter 11. Summing up.
- Notes:
- Includes bibliographical references (pages 273-288) and index (pages 289-297).
- CC BY-NC-ND
- Description based on information from the publisher.
- ISBN:
- 9780472126286
- 0472126288
- 9780472901142
- 0472901141
- OCLC:
- 1111949760
- Access Restriction:
- Unrestricted online access
The Penn Libraries is committed to describing library materials using current, accurate, and responsible language. If you discover outdated or inaccurate language, please fill out this feedback form to report it and suggest alternative language.