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      In Defense of Monopoly : How Market Power Fosters Creative Production

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          Abstract

          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.

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          Author and book information

          Book
          9780472116157
          9780472126286
          9780472901142
          28 February 2019
          Author notes
          Richard B. McKenzie is the Walter B. Gerken Professor of Enterprise and Society in the Paul Merage School of Business at the University of California, Irvine. Dwight R. Lee is the Bernard B. and Eugenia A. Ramsey Professor of Economics at the University of Georgia, Athens.
          10.3998/mpub.93419
          bb3140b9-8236-4c89-bcf5-7bda8d8c0e13
          CC BY-NC-ND

          https://creativecommons.org/licenses/by-nc-nd/4.0/

          History

          BUS000000,BUS069030,LAW009000,Monopolies.,Production (Economic theory),338.8/2,HD2757

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