Antitrust And Monopoly: Anatomy of a Policy Failure by Dominich Armentano

By Dominich Armentano

Show description

Read Online or Download Antitrust And Monopoly: Anatomy of a Policy Failure PDF

Similar political economy books

The Scottish Enlightenment and Hegel's Account of 'Civil Society' (International Archives of the History of Ideas)

Hegelians vexed through having Hegel categorized as an idealist insulated from the shocks of political economic climate will locate Professor Waszek's booklet of significant solace. Combining effective scholarship with a chic kind, Waszek provides Hegel as not just all for the main complicated financial theories of his day yet as one that understood them.

Intrahousehold resource allocation in developing countries: Models, methods, and policy

Even though it is well known that the welfare of somebody is, largely, in line with a fancy set of monetary and social interactions, improvement guidelines don't regularly recognize those. those interactions can impact, and be stricken by, the production, lifestyles, and dissolution of associations during which the person is positioned: family members, family, enterprise, membership, or commune, to call a number of.

Constructing the International Economy

Focusing empirically on how political and financial forces are constantly mediated and interpreted via brokers, either in person international locations and within the overseas sphere, developing the foreign economic climate units out what such structures and what a number of kinds of constructivism suggest, either as methods of knowing the realm and as units of various equipment for attaining that figuring out.

Extra resources for Antitrust And Monopoly: Anatomy of a Policy Failure

Example text

For instance, if products are differentiated, individual sellers discover that the demand curve for their own product is downward sloping and not hori­ zontal, and that they will not lose all of their customers with a price slightly higher than a competitor’s. Such sellers are said to have price control or mo­ nopoly power relative to competitive sellers of homogeneous products. And it is this price and product control, and the subsequent business rivalry, that so typify monopolistically competitive or imperfectly competitive market situa­ tions.

Indeed, the relevant market itself might be defined in terms of cross-elasticity coefficients. There are serious methodological difficulties in attempting to measure competition in this manner, or to infer anything meaningful concerning an 36 COM PETITION THEORY AND THE MARKET ECONOM Y efficient allocation of resources. The most serious difficulty is that any cross­ elasticity test over time would inevitably confuse a change in sales due to a price change, and a change in sales due to any and all other factors.

It is also a serious error to continue to asso­ ciate the simple price-and-profit behavior of atomistic firms (in equilibrium), 28 COM PETITION THEORY AND TH E MARKET ECONOM Y with competitive business conduct and performance. For example, it is now arbitrary to associate zero economic profits with efficient resource allocation or alternatively, to associate the total absence of a pricing policy with compet­ itive behavior; price takers are now no more competitive than price makers. Indeed, radically different price-and-profit strategies are compatible and de­ sirable if competition is defined in dynamic terms.

Download PDF sample

Antitrust And Monopoly: Anatomy of a Policy Failure by Dominich Armentano
Rated 4.46 of 5 – based on 7 votes