An Economic Interpretation Of Neoclassical Monopoly Theory In The Light Of Austrian School
The paper summarizes the contributions of the neoclassical and Austrian school ofthought in the field of monopoly theory arguing that the first uses non-operational concepts indescribing the entrepreneur‘s actions on the market. The Austrian economic theory of freecompetition is the opposite of perfect and pure competition which is the model used in most ofpolicy recommendations and also the intellectual legacy of neoclassicism. After proving that themonopoly price can‘t be scientifically determined and neither the consumer loss of welfare, thepaper raises the issue whether public policy should intervene in a case of monopoly.
Volume (Year): 2 (2011)
Issue (Month): 13 ()
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- 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.
- 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.
- Paul A. Samuelson, 1937. "A Note on Measurement of Utility," Review of Economic Studies, Oxford University Press, vol. 4(2), pages 155-161.
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