| spelling |
oapen-20.500.12657-258912021-05-20T10:32:11Z In Defense of Monopoly McKenzie, Richard B. Lee, Dwight R. Economics political economy market monopoly public policy bic Book Industry Communication::K Economics, finance, business & management::KJ Business & management::KJV Ownership & organization of enterprises::KJVP Monopolies "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. An economy is not a board game in which players compete for a limited number of properties, nor is it much like the kind of blackboard games that economists use to develop their monopoly models. As McKenzie and Lee demonstrate, the creation of goods and services in the real world requires not only competition but the prospect of gains beyond a normal competitive rate of return." 2019-02-25 23:55 2020-03-12 03:00:32 2020-04-01T10:54:00Z 2020-04-01T10:54:00Z 2008-02-04 book 1004192 9780472901142;9780472901142 http://library.oapen.org/handle/20.500.12657/25891 eng application/pdf n/a 1004192.pdf University of Michigan Press 10.3998/mpub.93419 102014 10.3998/mpub.93419 e07ce9b5-7a46-4096-8f0c-bc1920e3d889 b818ba9d-2dd9-4fd7-a364-7f305aef7ee9 9780472901142;9780472901142 Knowledge Unlatched (KU) Ann Arbor 102014 KU Select 2018: HSS Backlist Books Knowledge Unlatched open access
|
| description |
"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.
An economy is not a board game in which players compete for a limited number of properties, nor is it much like the kind of blackboard games that economists use to develop their monopoly models. As McKenzie and Lee demonstrate, the creation of goods and services in the real world requires not only competition but the prospect of gains beyond a normal competitive rate of return."
|
