Monopsony Theory Revisited

Xavier Méra ()

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Abstract: Standard monopsony theory, old and new, lacks a realistic criterion to distinguish between monopsony and competitive prices. Consequently, prominent Austrian critics have by and large dismissed it. However, the idea that human action occurs in discrete steps, and consequently that the elasticity of the supply schedules for factors of production, as well as the elasticity of the demand schedules for their products, can be altered as a result of coercion, lead to a theory of "monopoly price-gap", with monopoly and monopsony prices as two features of the same phenomenon.

Keywords: Monopsony; monopoly (search for similar items in EconPapers)
Date: 2017
New Economics Papers: this item is included in nep-com, nep-ind and nep-mic
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01519191v2
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Published in Matthew McCaffrey. The Economic Theory of Costs: Foundations and New Directions, Routledge, 2017

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01519191

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