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In Defense of Monopoly : How Market Power Fosters Creative Production.

Bibliographic Details
Main Author: McKenzie, Richard B.
Other Authors: Lee, Dwight R.
Format: eBook
Language:English
Published: Ann Arbor : University of Michigan Press, 2008.
Edition:1st ed.
Subjects:
Electronic books.
Online Access:Click to View
Table of Contents:
  • Intro
  • Preface
  • Chapter 1: "The Wretched Spirit of Monopoly
  • Smith, Bentham, and Ricardo on the "Evils" of Monopoly
  • Bastiat and Marx on Monopoly as "Plunder"
  • Marshall on the "Net Revenues" of Monopoly
  • Schumpeter on the Vital Role of the "Monopoloid Specie"
  • The Schumpeter Hypothesis
  • Concluding Comments
  • Chapter 2: Deadweight-Loss Monopoly
  • The Efficiency of Perfect Competition
  • The Inefficiency of Monopoly
  • The Locus of Market Failure: Firms?
  • The Locus of Market Failure: Consumers?
  • The Added Waste of Rent Seeking
  • The Imperfection of Perfection
  • Zero Economic Profits
  • Transitionary Economic Profits
  • Economic Profit as a Source of Capital
  • Market Efficiency and the Count of Competitors
  • Concluding Comments
  • Chapter 3: Monopoly as a Coordination Problem
  • The Conventional View of Monopoly
  • An Unconventional View of Monopoly
  • Changes in Agency Costs
  • Innovation
  • Concluding Comments
  • Appendix: Agency Costs and Cartels
  • Chapter 4: Welfare-Enhancing Monopolies
  • The Paradox in the Microsoft Antitrust Case
  • Unraveling the Paradox
  • Digital Markets
  • The Relevance and Potential Welfare Value of Entry Barriers
  • The Problem of Digital Piracy
  • Once Again, Why Monopolies?
  • The Microsoft Problem for Microsoft's Competitors
  • Concluding Comments
  • Chapter 5: Locked-In Consumers
  • Consumer Lock-In
  • A Product with Network Effects: A Model
  • Efficiency Considerations
  • Creating Networks
  • Concluding Comments
  • Chapter 6: Monopoly Prices and the Client and Bonding Effects
  • The Client Effect
  • The Bonding Effect
  • Concluding Comments
  • Chapter 7: The Monopsony Problem
  • The Conventional Monopsony Model
  • The Mysterious Existence of Monopsony
  • The Monopsonistic "Company Town"
  • Firm and Worker Mobility and Monopsony Market Power
  • Concluding Comments.
  • Chapter 8: The NCAA: A Case Study of the Misuse of the Monopsony and Monopoly Models
  • The Conventional Cartel Argument against the NCAA
  • Science as Ideology
  • The Mistaken Presumption of "Underpaid" Athletes
  • The Mistaken Interpretation of Cheating
  • The Mistaken Presumption of Monopsony Power
  • Sports Demand and NCAA Membership
  • College and University Sports as Games
  • College Athletics as an Open Market: A Review of the Legal Literature
  • Concluding Comments
  • Chapter 9: Monopoly as Entrepreneurship
  • The Entrepreneurial Role in Firms and Markets
  • Monopoly Rents as Entrepreneurial Entitlement
  • The Justice of Entry Barriers Reconsidered
  • Monopolies, Public Goods, and the Gains from Price Discrimination
  • The Efficiency of Monopoly Failures
  • Concluding Comments
  • Chapter 10: Property and Monopoly
  • Property Rent as Monopoly Theft
  • The Property-Monopoly Equivalence
  • Copyrights as Monopoly Abuse
  • Property in Proper Context
  • "Good" and "Bad" Monopolies
  • Monopoly Profits versus Economic Profits
  • Concluding Comments
  • Chapter 11: Summing Up
  • Notes
  • Bibliography
  • Index.

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