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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.

Table of Contents

  1. Half-Title Page
  2. pp. i-ii
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  1. Title Page
  2. p. iii
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  1. Copyright Page
  2. p. iv
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  1. Dedication
  2. p. v
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  1. Epigraph
  2. pp. vi-vii
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  1. Contents
  2. pp. viii-xi
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  1. Preface
  2. pp. xii-xxi
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  1. Chapter 1. “The Wretched Spirit of Monopoly”
  2. pp. xxii, 1-24
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  1. Chapter 2. Deadweight-Loss Monopoly
  2. pp. 25-53
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  1. Chapter 3. Monopoly as a Coordination Problem
  2. pp. 54-66
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  1. Chapter 4. Welfare-Enhancing Monopolies
  2. pp. 67-95
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  1. Chapter 5. Locked-In Consumers
  2. pp. 96-109
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  1. Chapter 6. Monopoly prices and the client and Bonding Effects
  2. pp. 110-125
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  1. Chapter 7. The Monopsony Problem
  2. pp. 126-142
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  1. Chapter 8. The NCAA: A Case Study of the Misuse of the Monopsony and Monopoly Models
  2. pp. 143-172
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  1. Chapter 9. Monopoly as Entrepreneurship
  2. pp. 173-197
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  1. Chapter 10. Property and Monopoly
  2. pp. 198-217
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  1. Chapter 11 Summing Up
  2. pp. 218-226
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  1. Notes
  2. pp. 227-272
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  1. Bibliography
  2. pp. 273-288
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  1. Index
  2. pp. 289-297
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Additional Information

ISBN
9780472901142
Related ISBN
9780472116157
MARC Record
OCLC
1111949760
Launched on MUSE
2019-08-15
Language
English
Open Access
Yes
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