A bully pulpit

Clarence Morrison

Atlantic Economic Journal, 1997, vol. 25, issue 1, 6 pages

Abstract: It is pointed out that in an economy with only one resource and price-making firms, virtually any price vector is a market-clearing vector if profits are distributed as dividends and consumers correctly anticipate these dividends. It is argued that the resulting model has been useful in comparing competition and monopoly, direct and indirect taxation, and first and second best and has the potential for shedding light on many other questions in welfare economics. A painless procedure for verifying the counterintuitive fundamental proposition is provided. Copyright International Atlantic Economic Society 1997

Date: 1997
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DOI: 10.1007/BF02298472

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