An Economic Interpretation Of Neoclassical Monopoly Theory In The Light Of Austrian School
AbstractThe paper summarizes the contributions of the neoclassical and Austrian school ofthought in the field of monopoly theory arguing that the first uses non-operational concepts indescribing the entrepreneur‘s actions on the market. The Austrian economic theory of freecompetition is the opposite of perfect and pure competition which is the model used in most ofpolicy recommendations and also the intellectual legacy of neoclassicism. After proving that themonopoly price can‘t be scientifically determined and neither the consumer loss of welfare, thepaper raises the issue whether public policy should intervene in a case of monopoly.
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Bibliographic InfoArticle provided by Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia in its journal Annales Universitatis Apulensis Series Oeconomica.
Volume (Year): 2 (2011)
Issue (Month): 13 ()
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monopoly; property rights; monopoly price; utility; consumer;
Find related papers by JEL classification:
- B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
- D41 - Microeconomics - - Market Structure and Pricing - - - Perfect Competition
- P14 - Economic Systems - - Capitalist Systems - - - Property Rights
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Stamate-Ştefan Andreas, 2009. "Teoria austriacă post-misesiană a monopolului: Murray Newton Rothbard," Revista OEconomica, Romanian Society for Economic Science, Revista OEconomica, issue 01, March.
- Andreas Stamate, 2011. "A Short History of the “Just Price” Controversy in the XII-th and XIII-th Centuries," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 14(39), pages 257-270, March.
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