The Social Costs of Monopoly Power

Keith Cowling and Dennis C. Mueller
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Keith Cowling: Warwick University University of Maryland
Dennis C. Mueller: Warwick University University of Maryland

A chapter in 40 Years of Research on Rent Seeking 2, 2008, pp 67-88 from Springer

Abstract: Abstract In 1954, Arnold Harberger estimated the welfare losses from monopoly for the United States at 0.1 of 1 % of GNP. Several studies have appeared since, reconfirming Harberger’s early low estimates using different assumptions (e.g. Schwartzman, 1960; Scherer, 1970; Worcester, 1973). These papers have firmly established as part of the conventional wisdom the idea that welfare losses from monopoly are insignificant.

Date: 2008
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DOI: 10.1007/978-3-540-79247-5_3

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