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Retrospectives: How Joan Robinson and B. L. Hallward Named Monopsony

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  • Robert J. Thornton
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    Abstract

    The term "monopsony" was introduced by Joan Robinson in her 1932 classic The Economics of Imperfect Competition, although she gives credit to classics scholar B.L. Hallward of Cambridge for the actual coining of the term. Even though the term has become widely accepted by economists, its literal meaning is more idiosyncratic than simply "one buyer" of a commodity or service. In this paper I discuss the etymology of the term monopsony and suggest several other words that would seem to be more appropriate for describing this market phenomenon.

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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/0895330041371240
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    Bibliographic Info

    Article provided by American Economic Association in its journal Journal of Economic Perspectives.

    Volume (Year): 18 (2004)
    Issue (Month): 2 (Spring)
    Pages: 257-261

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    Handle: RePEc:aea:jecper:v:18:y:2004:i:2:p:257-261

    Note: DOI: 10.1257/0895330041371240
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    Cited by:
    1. Jonathan Conning, 2004. "The Causes of Slavery or Serfdom and the Roads to Agrarian Capitalism: Domar's Hypothesis Revisited," Hunter College Department of Economics Working Papers 401, Hunter College: Department of Economics.

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