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Monopoly and Long-Run Capital Accumulation

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  • John Laitner

Abstract

This article constructs a decentralized growth model with two production sectors, one having competitive firms and the other oligopolists. Since capitalized pure profits for the latter sector constitute an asset which household savings must finance, we show that imperfect competition can reduce steady-state national output through both a "static effect" on allocative efficiency and a "dynamic effect" on aggregative capital accumulation. After presenting a theoretical analysis, we generate several numerical examples. The latter suggest that the "dynamic effect" of monopoly may be significantly larger than the "static effect" in practice.

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Bibliographic Info

Article provided by The RAND Corporation in its journal Bell Journal of Economics.

Volume (Year): 13 (1982)
Issue (Month): 1 (Spring)
Pages: 143-157

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Handle: RePEc:rje:bellje:v:13:y:1982:i:spring:p:143-157

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Cited by:
  1. Chu, Angus C., 2009. "Macroeconomic Effects of Intellectual Property Rights: A Survey," MPRA Paper 17342, University Library of Munich, Germany.
  2. Belan, Pascal & Michel, Philippe & Wigniolle, Bertrand, 2005. "Does imperfect competition foster capital accumulation in a developing economy?," Research in Economics, Elsevier, vol. 59(2), pages 189-208, June.
  3. Bertrand CRETTEZ, 1999. "Concurrence à la Cournot, accumulation du capital et bulle," Annales d'Economie et de Statistique, ENSAE, issue 53, pages 69-91.
  4. Pascal Belan & Philippe Michel & Bertrand Wigniolle, 2007. "Capital Accumulation, Welfare, and the Emergence of Pension-Fund Activism," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 63(1), pages 54-82, March.
  5. repec:hal:journl:halshs-00268847 is not listed on IDEAS
  6. Tse, Chung Yi, 2000. "Monopoly, human capital accumulation and development," Journal of Development Economics, Elsevier, vol. 61(1), pages 137-174, February.
  7. Jonathan Eaton, 1988. "Monopoly Wealth and International Debt," NBER Working Papers 2485, National Bureau of Economic Research, Inc.
  8. Bridgman, Benjamin & Gomes, Victor & Teixeira, Arilton, 2011. "Threatening to Increase Productivity: Evidence from Brazil's Oil Industry," World Development, Elsevier, vol. 39(8), pages 1372-1385, August.
  9. repec:hal:journl:halshs-00268842 is not listed on IDEAS
  10. Chu, Angus C., 2007. "Optimal Patent Breadth: Quantifying the Effects of Increasing Patent Breadth," MPRA Paper 3910, University Library of Munich, Germany.
  11. Stephen L. Parente & Edward C. Prescott, 1997. "Monopoly rights: a barrier to riches," Staff Report 236, Federal Reserve Bank of Minneapolis.
  12. repec:hal:journl:halshs-00193985 is not listed on IDEAS

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