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The Restoration of Pure Monopoly and the Concept of the Industry

In: Readings in Industrial Economics

Author

Listed:
  • Mancur Olson
  • David McFarland

Abstract

This paper is designed to show that the concept of ‘pure monopoly’ and the concept of ‘industry’ can be given precise theoretical definitions, and to argue that these concepts, which some modern economists reject, deserve prominent places in the theory of market structure. These concepts have been wrongly rejected, this article argues, because an excessive reliance on elasticity and cross-elasticity of demand has obscured important aspects of market structure theory.

Suggested Citation

  • Mancur Olson & David McFarland, 1972. "The Restoration of Pure Monopoly and the Concept of the Industry," Palgrave Macmillan Books, in: Charles K. Rowley (ed.), Readings in Industrial Economics, chapter 16, pages 236-256, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-15484-5_16
    DOI: 10.1007/978-1-349-15484-5_16
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