Adam Smith on Monopoly Theory. Making good a lacuna
The paper analyzes Adam Smith’s views on monopoly focusing on Book IV and V of The Wealth of Nations and argues that Smith has left his analysis of monopoly in an embryonic form while the majority of scholars have assessed it starting from premises different from those, actually though implicitly, used by Smith to approach this subject. 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’ behavior is richer than that provided by later monopoly theorists.
|Date of creation:||27 Apr 2012|
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- Gary Anderson & Robert D. Tollison, 1983. "Apologiae for Chartered Monopolies in Foreign Trade, 1600–1800," History of Political Economy, Duke University Press, vol. 15(4), pages 549-566, Winter.
- repec:ucp:bkecon:9780226199993 is not listed on IDEAS
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- de Roover, Raymond, 1958. "The Concept of the Just Price: Theory and Economic Policy," The Journal of Economic History, Cambridge University Press, vol. 18(04), pages 418-434, December.
- Salvadori, Neri & Signorino, Rodolfo, 2011. "Competition," MPRA Paper 38387, University Library of Munich, Germany.
- Stigler, George J, 1982. "The Economists and the Problem of Monopoly," American Economic Review, American Economic Association, vol. 72(2), pages 1-11, May.
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