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An Economic Interpretation Of Neoclassical Monopoly Theory In The Light Of Austrian School

Author

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  • Andreas Stamate

Abstract

The paper summarizes the contributions of the neoclassical and Austrian school of thought in the field of monopoly theory arguing that the first uses non-operational concepts in describing the entrepreneur's actions on the market. The Austrian economic theory of free competition is the opposite of perfect and pure competition which is the model used in most of policy recommendations and also the intellectual legacy of neoclassicism. After proving that the monopoly price can't be scientifically determined and neither the consumer loss of welfare, the paper raises the issue whether public policy should intervene in a case of monopoly.

Suggested Citation

  • Andreas Stamate, 2011. "An Economic Interpretation Of Neoclassical Monopoly Theory In The Light Of Austrian School," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 2(13), pages 1-36.
  • Handle: RePEc:alu:journl:v:2:y:2011:i:13:p:36
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    File URL: http://oeconomica.uab.ro/upload/lucrari/1320112/36.pdf
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    References listed on IDEAS

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    1. 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.
    2. Paul A. Samuelson, 1937. "A Note on Measurement of Utility," Review of Economic Studies, Oxford University Press, vol. 4(2), pages 155-161.
    3. 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.
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    Cited by:

    1. Cristian Păun, 2016. "The Adoption Of Euro In Case Of Romania: The Main (Counter) Arguments," Review of Social and Economic Issues, Romanian-American University, vol. 1(3), pages 76-94, march.
    2. Andreas STAMATE-ȘTEFAN & Iacob MIHAELA & Tudor SMIRNA, 2017. "Inside Dumping Theory: Austrian Perspectives On The Cost Problem," Review of Social and Economic Issues, Romanian-American University, vol. 1(4), pages 44-62, march.

    More about this item

    Keywords

    monopoly; property rights; monopoly price; utility; consumer;

    JEL classification:

    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • D41 - Microeconomics - - Market Structure, Pricing, and Design - - - Perfect Competition
    • P14 - Economic Systems - - Capitalist Systems - - - Property Rights

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