McKenzie R. In defense of monopoly: how market power fosters creative production. - Ann Arbor: University of Michigan Press, 2008. - xxi, 297 p.: ill. - Bibliogr.: p.273-288. - Ind.: p.289-297. - ISSN 0-472-11615-0; ISSN 978-0-472-11615-7  Место хранения:   01 | ГПНТБ СО РАН | Новосибирск

Оглавление / Contents

Preface ...................................................... xiii CHAPTER I "THE WRETCHED SPIRIT OF MONOPOLY" I Smith, Bentham, and Ricardo on the "Evils" of Monopoly ...... 4 Bastiat and Marx on Monopoly as "Plunder" ....................... 9 Marshall on the "Net Revenues" of Monopoly ..................... 13 Schumpeter on the Vital Role of the "Monopoloid Specie" ........................................................ 15 The Schumpeter Hypothesis ...................................... 19 Concluding Comments ............................................ 22 CHAPTER 2 DEADWEIGHT-LOSS MONOPOLY ............................ 25 The Efficiency of Perfect Competition .......................... 26 The Inefficiency of Monopoly ................................... 30 The Locus of Market Failure: Firms? ............................ 34 The Locus of Market Failure: Consumers? ........................ 36 The Added Waste of Rent Seeking ................................ 37 The Imperfection of Perfection ................................. 39 Zero Economic Profits .......................................... 42 Transitionary Economic Profits ................................. 47 Economic Profit as a Source of Capital ......................... 48 Market Efficiency and the Count of Competitors ................. 50 Concluding Comments ............................................ 52 CHAPTER 3 MONOPOLY AS A COORDINATION PROBLEM .................. 54 The Conventional View of Monopoly .............................. 56 An Unconventional View of Monopoly ............................. 57 Changes in Agency Costs ........................................ 62 Innovation ..................................................... 63 Concluding Comments ............................................ 63 Appendix: Agency Costs and Cartels ............................. 64 CHAPTER 4 WELFARE-ENHANCING MONOPOLIES ........................ 67 The Paradox in the Microsoft Antitrust Case .................... 68 Unraveling the Paradox ......................................... 72 Digital Markets ................................................ 75 The Relevance and Potential Welfare Value of Entry Barriers ....................................................... 81 The Problem of Digital Piracy .................................. 87 Once Again, Why Monopolies? .................................... 90 The Microsoft Problem for Microsoft's Competitors .............. 91 Concluding Comments ............................................ 94 CHAPTER 5 LOCKED-IN CONSUMERS 96 Consumer Lock-In ............. 96 A Product with Network Effects: A Model ....................... 100 Efficiency Considerations ..................................... 104 Creating Networks ............................................. 106 Concluding Comments ........................................... 109 CHAPTER 6 MONOPOLY PRICES AND THE CLIENT AND BONDING EFFECTS IIO The Client Effect no The Bonding Effect ............................................. 122 Concluding Comments ........................................... 123 CHAPTER 7 THE MONOPSONY PROBLEM .............................. 126 The Conventional Monopsony Model .............................. 127 The Mysterious Existence of Monopsony ......................... 130 The Monopsonistic "Company Town" .............................. 135 Firm and Worker Mobility and Monopsony Market Power ......................................................... 139 Concluding Comments ........................................... 140 CHAPTER 8 THE NCAA: A CASE STUDY OF THE MISUSE OF THE MONOPSONY AND MONOPOLY MODELS ...................... 143 The Conventional Cartel Argument against the NCAA ...................................................... 146 Science as Ideology ........................................... 153 The Mistaken Presumption of "Underpaid" Athletes .............. 155 The Mistaken Interpretation of Cheating ....................... 157 The Mistaken Presumption of Monopsony Power ................... 159 Sports Demand and NCAA Membership ............................. 162 College and University Sports as Games ........................ 164 College Athletics as an Open Market: A Review of the Legal Literature ....................................... 166 Concluding Comments ........................................... 171 CHAPTER 9 MONOPOLY AS ENTREPRENEURSHIP ....................... 173 The Entrepreneurial Role in Firms and Markets Monopoly Rents as Entrepreneurial Entitlement The Justice of Entry Barriers Reconsidered .................... 183 Monopolies, Public Goods, and the Gains from Price Discrimination .......................................... 186 The Efficiency of Monopoly Failures ........................... 191 Concluding Comments ........................................... 196 CHAPTER 10 PROPERTY AND MONOPOLY .............................. 198 Property Rent as Monopoly Theft ............................... 199 The Property-Monopoly Equivalence ............................. 203 Copyrights as Monopoly Abuse .................................. 205 Property in Proper Context .................................... 211 "Good" and "Bad" Monopolies ................................... 214 Monopoly Profits versus Economic Profits ...................... 215 Concluding Comments ........................................... 216 CHAPTER 11 SUMMING UP ......................................... 218 Notes ......................................................... 227 Bibliography .................................................. 273 Index ......................................................... 289