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Adam Smith on Monopoly Theory. Making good a lacuna

Author

Listed:
  • Neri Salvadori
  • Rodolfo Signorino

Abstract

type="main" xml:id="sjpe12040-abs-0001"> This article analyses Adam Smith's views on monopoly by focusing on Book IV and V of The Wealth of Nations. It argues that the majority of scholars have assessed Smith's analysis of monopoly starting from premises different from those, actually though implicitly, used by Smith. We show that Smith makes use of the word ‘monopoly’ to refer to a heterogeneous collection of market outcomes, besides that of a single seller market, and that Smith's account of monopolists' behaviour is richer than that provided by later theorists. We also show that Smith was aware of the growth-retarding effect of monopoly and urged State regulation.

Suggested Citation

  • Neri Salvadori & Rodolfo Signorino, 2014. "Adam Smith on Monopoly Theory. Making good a lacuna," Scottish Journal of Political Economy, Scottish Economic Society, vol. 61(2), pages 178-195, May.
    • Handle: RePEc:bla:scotjp:v:61:y:2014:i:2:p:178-195
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    File URL: http://hdl.handle.net/10.1111/sjpe.2014.61.issue-2
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    Cited by:

    1. McLaughlin, Eoin & Moro, Mirko & de Vries, Frans P., 2025. "Competition policy, sustainability, and inclusive wealth," Accountancy, Economics, and Finance Working Papers 2025-04, Heriot-Watt University, Department of Accountancy, Economics, and Finance, revised 2025.
    2. Bianchi, Patrizio & Labory, Sandrine, 2022. "Dynamic gravitation and structural dynamics: From Smith to Modern theory," Structural Change and Economic Dynamics, Elsevier, vol. 60(C), pages 90-98.
    3. Biao Huang, 2022. "On the Over-determination Problem in a Two Sector Neo-Kaleckian Model," Centro Sraffa Working Papers CSWP56, Centro di Ricerche e Documentazione 'Piero Sraffa'.

    More about this item

    JEL classification:

    • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • L41 - Industrial Organization - - Antitrust Issues and Policies - - - Monopolization; Horizontal Anticompetitive Practices
    • D42 - Microeconomics - - Market Structure, Pricing, and Design - - - Monopoly

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