Factor Prices under Monopoly
AbstractRevisiting 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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by HAL in its series Post-Print with number halshs-00537669.
Date of creation: 02 Apr 2010
Date of revision:
Publication status: Published, Quarterly Journal of Austrian Economics, 2010, 13, 1, 48-70
Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00537669
Contact details of provider:
Web page: http://hal.archives-ouvertes.fr/
monopoly; factor prices; labor; capitalists; interventionism; monopsony; monopoly price; income distribution; privileges; Mises; Rothbard; Machlup; Wieser; Marx;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-12-04 (All new papers)
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (CCSD).
If references are entirely missing, you can add them using this form.