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Monopoly rights: a barrier to riches Author info | Abstract | Publisher info | Download info | Related research | Statistics Stephen L. Parente
Edward C. Prescott
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Our thesis is that poor countries are poor because they employee arrangements for which the equilibrium outcomes are characterized by inferior technologies being used, and being used inefficiently. In this paper, we analyze the consequences of one such arrangement. In each industry, the arrangement enables a coalition of factor suppliers to be the monopoly seller of its input services to all firms using a particular production process. We find that the inefficiencies associated with this monopoly arrangement can be large. Whereas other studies have found that inefficiencies induced by monopoly are at most a few percent of output, we find that eliminating this monopoly arrangement could well increase output by roughly a factor of 3 without any increase in inputs.
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Paper provided by Federal Reserve Bank of Minneapolis in its series Staff Report with number
236.
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Date of creation: 1997Date of revision:
Publication status: Published in American Economic Review (Vol. 89, No. 5, December 1999, pp. 1216-33)Handle: RePEc:fip:fedmsr:236Contact details of provider: Postal: 90 Hennepin Avenue, P.O. Box 291, Minneapolis, MN 55480-0291 Phone: (612) 204-5000 Web page: http://minneapolisfed.org/ More information through EDIRC
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Keywords: Wealth Other versions of this item:
References listed on IDEAS 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.: Parente, Stephen L & Prescott, Edward C, 1994.
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Allen, B. & Deneckere, R. & Faith, T. & Kovenock, D., 1994.
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Purdue University Economics Working Papers
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"A Model of Growth through Creative Destruction ,"
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Aghion, P. & Howitt, P., 1990.
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DELTA Working Papers
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Aghion, P. & Howitt, P., 1989.
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NBER Working Papers
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"The Political Economy of the Rent-Seeking Society ,"
American Economic Review ,
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Murphy, Kevin M & Shleifer, Andrei & Vishny, Robert W, 1989.
"Income Distribution, Market Size, and Industrialization ,"
The Quarterly Journal of Economics ,
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Other versions: Romer, Paul M, 1990.
"Endogenous Technological Change ,"
Journal of Political Economy ,
University of Chicago Press, vol. 98(5), pages S71-102, October.
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