Misleading Calculations of The Social Costs of Monopoly Power

Stephen Littlechild

A chapter in 40 Years of Research on Rent Seeking 2, 2008, pp 89-104 from Springer

Abstract: Abstract It has long been thought that monopoly is ‘bad’, but only comparatively recently have economists attempted to measure ‘how bad’. The first and most influential of such studies (Harberger, 1954) found that the welfare losses attributable to monopoly were surprisingly small — of the order of one tenth of one percent of national income in the United States during the 1920s.

Date: 2008
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Journal Article: Misleading Calculations of the Social Costs of Monopoly Power (1981)
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DOI: 10.1007/978-3-540-79247-5_4

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