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Factor Prices under Monopoly for Their Products

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  • Xavier Méra

    (GRANEM - Groupe de Recherche Angevin en Economie et Management - UA - Université d'Angers - AGROCAMPUS OUEST - Institut National de l'Horticulture et du Paysage)

Abstract

Revisiting Rothbardian monopoly price theory and extending it to the realm of factor pricing, this paper explains how grants of privileges to capitalists can lower labor and land factors' prices compared to what would prevail in a free market environment. Monopolistic grants to capitalists make for situations where both monopoly of demand for factors and monopoly of supply for their products are inextricably intertwined. Combined with established considerations regarding inelasticity of demand for the monopolized product, its impact on substitutes and the interdependence of factor markets, we show how they can trigger an overall downward pressure on original factor prices.

Suggested Citation

  • Xavier Méra, 2010. "Factor Prices under Monopoly for Their Products," Post-Print halshs-00537669, HAL.
    • Handle: RePEc:hal:journl:halshs-00537669
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00537669v2
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    File URL: https://shs.hal.science/halshs-00537669v2/document
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    References listed on IDEAS

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    1. Don Bellante, 1994. "Labor economics," Chapters, in: Peter J. Boettke (ed.), The Elgar Companion to Austrian Economics, chapter 37, Edward Elgar Publishing.
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    Cited by:

    1. Xavier Méra, 2015. "A Note on the Limits to Monopoly Pricing," Post-Print halshs-01182289, HAL.

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