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Growth Theory Enriched with Monopoly, Monopsony, and Game Theories

In: The General Economic Theory

Author

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  • Wei-Bin Zhang

    (Ritsumeikan Asia Pacific University)

Abstract

This chapter shows how monopoly theory, monopsony theory, and game theory, respectively, can enrich the theory developed so far on basis of perfect competition and government intervention. Various markets coexist in a modern economy. In modern microeconomic textbooks, students study perfect competition, imperfect competition, oligopoly, monopoly, and various games in the same course in microeconomics. But when students study macroeconomics, heterogeneous markets are seldom introduced in an integrated manner. Most of studies on imperfect competitive markets are not fully integrated with macroeconomics. Partial economic theories are proposed to examine demand and supply equilibrium, efficiencies, issues related to welfare and profit distribution of different market structures under varied rules and institutions. These markets are examined in microeconomics, industrial economics, and organization. This chapter and the next chapter introduce a few of my models to demonstrate how to integrate monopoly, monopsony, monopolistic competition, and games with the basic model.

Suggested Citation

  • Wei-Bin Zhang, 2020. "Growth Theory Enriched with Monopoly, Monopsony, and Game Theories," Springer Books, in: The General Economic Theory, chapter 0, pages 241-264, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-56204-5_12
    DOI: 10.1007/978-3-030-56204-5_12
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