Monopoly and Economic Progress
In no branch of economics are there at present greater obscurities than in that which treats of monopoly. Differences of opinion are not confined to topics where judgement must always be exercised — as for example whether a monopolistically organised system is good or bad; whether monopoly is inevitable or avoidable;1 or whether the State can play an effective part in restraining monopoly. The controversies extend into fields where systematic analysis and measurement might have been expected to lead to fairly objective conclusions — whether monopoly has been increasing or decreasing in the western countries,2 and whether certain practices such as resale price maintenance,3 basing point price systems4 or price leadership are consistent with the operation of a competitive system.
KeywordsTechnical Progress Economic Progress Creative Destruction Resale Price Maintenance Free Market Economic
Unable to display preview. Download preview PDF.
- 6.M. Oakshott, ‘Political Economy of Freedom’, Cambridge Journal, 1949.Google Scholar
- 9.The Monopolies and Restrictive Practices Commission, Report on the Supply of Electric Lamps, 1951.Google Scholar
- 31.F. Redlich, ‘Rôle of Theory in the Study of Business History’, Explorations in Entrepreneurial History, Vol. IV, 1951–52.Google Scholar
- 33.The Monopolies and Restrictive Practices Commission, Report on the Supply of Electric Lamps, 1951, p. 39.Google Scholar