How Market Power Fosters Creative Production
Hardback
Publication Date: 28/02/2008
This book presents a provocative defense of market dominance. ""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 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.
- ISBN:
- 9780472116157
- 9780472116157
- Category:
- Economic systems & structures
- Format:
- Hardback
- Publication Date:
- 28-02-2008
- Language:
- English
- Publisher:
- The University of Michigan Press
- Country of origin:
- United States
- Pages:
- 376
- Dimensions (mm):
- 229x152x26mm
- Weight:
- 0.58kg
Click 'Notify Me' to get an email alert when this item becomes available
Great!
Click on Save to My Library / Lists
Click on Save to My Library / Lists
Select the List you'd like to categorise as, or add your own
Here you can mark if you have read this book, reading it or want to read
Awesome! You added your first item into your Library
Great! The fun begins.
Click on My Library / My Lists and I will take you there
Click on My Library / My Lists and I will take you there
You can find this item in:
Economic systems & structures
Economic theory & philosophy
Industry & industrial studies
Financial law
Show more
Show less
Reviews
Be the first to review In Defense of Monopoly.
Share This Book: