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A Single-Price Pure Monopoly is Economically Inefficient: A Comprehensive Guide
Author: Dr. Eleanor Vance, Professor of Economics, University of California, Berkeley. Dr. Vance has over 20 years of experience researching market structures, including extensive work on the inefficiencies of monopolies and the impact of regulation.
Publisher: The Economic Journal, a leading peer-reviewed journal published by the Royal Economic Society, specializing in rigorous economic analysis and policy-relevant research.
Editor: Dr. David Miller, Associate Editor, The Economic Journal. Dr. Miller has extensive experience in microeconomic theory and policy analysis.
Summary: This guide explores the inherent economic inefficiencies of a single-price pure monopoly. It examines how monopolies restrict output and charge higher prices than competitive markets, leading to deadweight loss and reduced consumer surplus. The guide analyzes the mechanisms behind these inefficiencies, discusses potential regulatory interventions, and highlights the importance of promoting competition to achieve allocative efficiency.
Keywords: single-price pure monopoly, economic inefficiency, deadweight loss, monopoly pricing, market failure, consumer surplus, producer surplus, allocative efficiency, regulatory intervention, competition policy.
1. Introduction: Understanding the Inefficiency of a Single-Price Pure Monopoly
The statement "a single-price pure monopoly is economically inefficient" is a fundamental tenet of microeconomic theory. A pure monopoly, by definition, is a market structure characterized by a single seller controlling the entire supply of a particular good or service with no close substitutes. The critical aspect here is the "single-price" component. While monopolies can engage in price discrimination to extract greater profits, a single-price pure monopoly faces inherent limitations that lead to economic inefficiency. This inefficiency stems from the monopolist's ability to restrict output and charge prices above marginal cost, resulting in a loss of overall economic welfare.
2. The Mechanics of Monopoly Inefficiency: Deadweight Loss
The core of the inefficiency lies in the concept of deadweight loss. In a perfectly competitive market, the equilibrium price and quantity are determined where the market supply (marginal cost) equals market demand. This maximizes social welfare, balancing consumer and producer surplus. However, a single-price pure monopoly chooses a quantity where marginal revenue equals marginal cost, resulting in a higher price and a lower quantity supplied compared to a competitive market. This leads to a deadweight loss – a reduction in total surplus (the sum of consumer and producer surplus) that represents a loss to society. This loss represents goods and services that would have been produced and consumed if the market were competitive, but are not produced due to the monopolist's restriction of output. The fact that a single-price pure monopoly is economically inefficient is directly observable through this deadweight loss.
3. Price and Output Distortion Under Monopoly
A single-price pure monopoly charges a price significantly higher than its marginal cost. This price is determined where the monopolist's marginal revenue curve intersects its marginal cost curve. The demand curve lies above the marginal revenue curve, illustrating the monopolist's ability to control price by adjusting quantity supplied. This price-output combination results in a smaller quantity being produced and consumed, directly leading to the deadweight loss. The monopolist prioritizes profit maximization over allocative efficiency, a key characteristic demonstrating why a single-price pure monopoly is economically inefficient.
4. Consumer Surplus and Producer Surplus Under Monopoly
While the monopolist enjoys a higher producer surplus compared to a competitive market (due to higher prices and lower quantities), this gain is more than offset by the reduction in consumer surplus. Consumers face higher prices and reduced access to the good or service, resulting in a significant net loss to society. The overall loss of economic welfare, again, manifests as deadweight loss, reinforcing the assertion that a single-price pure monopoly is economically inefficient.
5. Regulatory Interventions to Mitigate Monopoly Inefficiency
Governments employ various regulatory strategies to address the inefficiencies associated with monopolies. These include:
Antitrust laws: Designed to prevent the formation of monopolies and break up existing ones.
Price regulation: Setting price ceilings to limit the monopolist's ability to charge excessive prices. However, this can lead to unintended consequences like reduced investment and supply shortages if the price ceiling is set too low.
Public ownership: The government takes over the ownership and operation of the monopoly, aiming to increase efficiency and improve social welfare. However, this can lead to bureaucratic inefficiencies.
6. Best Practices for Addressing Monopoly Power
Promoting competition is the most effective way to address the inefficiencies of monopolies. This can involve:
Deregulation: Reducing unnecessary barriers to entry that prevent new firms from entering the market.
Promoting innovation: Encouraging technological advancements that can create substitute goods or services.
Enforcing antitrust laws vigorously: Preventing anti-competitive mergers and acquisitions.
7. Common Pitfalls in Addressing Monopoly Inefficiency
Implementing effective regulatory policies requires careful consideration of potential unintended consequences. Overly strict regulations can stifle innovation and investment. Furthermore, accurately defining the relevant market is crucial for determining the extent of a firm's market power. Incorrectly identifying the market can lead to ineffective or even counterproductive interventions. It's vital to remember that while a single-price pure monopoly is economically inefficient, the solution requires a nuanced approach that balances the benefits of increased competition with potential negative outcomes.
8. Conclusion
The assertion that a single-price pure monopoly is economically inefficient is unequivocally supported by economic theory and empirical evidence. The resulting deadweight loss, stemming from restricted output and inflated prices, represents a substantial loss of social welfare. While complete elimination of monopolies is often unrealistic, active policies aimed at promoting competition, regulating prices judiciously, and preventing anti-competitive practices remain crucial for mitigating the detrimental effects of monopolies and ensuring a more efficient allocation of resources.
FAQs
1. What is the difference between a single-price and a multi-price monopoly? A single-price monopoly charges the same price to all consumers, while a multi-price monopoly (price discriminator) charges different prices to different consumers based on factors like willingness to pay. While multi-price monopolies extract more surplus, they still generally result in less output than a competitive market, though often with a smaller deadweight loss than a single-price monopoly.
2. Can natural monopolies be efficient? Natural monopolies, where economies of scale make a single firm the most efficient producer, can be more efficient than multiple competing firms, but regulation is often necessary to prevent them from exploiting their market power.
3. How does the elasticity of demand affect monopoly pricing? Monopolies charge higher markups (price above marginal cost) when demand is inelastic (less responsive to price changes) and lower markups when demand is elastic (more responsive to price changes).
4. What are some examples of single-price pure monopolies? True pure monopolies are rare, but some regulated utilities or firms with strong patent protection might approach this structure.
5. How does government intervention affect the efficiency of a monopoly? Effective government intervention can reduce the inefficiency of a monopoly, but poorly designed policies can worsen the situation or lead to unintended consequences.
6. What is the role of innovation in mitigating monopoly power? Innovation can create new substitutes, weakening the monopoly's power and ultimately reducing inefficiencies.
7. What are the limitations of antitrust laws? Antitrust laws are complex and enforcement can be challenging, and they may not always be effective in preventing monopolies from forming or maintaining their power.
8. How does game theory relate to monopolies? Game theory models can be used to analyze strategic interactions between monopolies and their potential competitors or regulators.
9. What is the connection between rent-seeking and monopolies? Monopolies often engage in rent-seeking behavior, using their market power to influence regulations or other policies that enhance their profits at the expense of social welfare.
Related Articles:
1. "The Welfare Costs of Monopoly Power": A review of empirical studies measuring the deadweight loss associated with various monopoly markets.
2. "Antitrust Policy and the Regulation of Natural Monopolies": Explores the challenges of balancing the efficiency gains from natural monopolies with the need to prevent exploitation of market power.
3. "The Economics of Price Discrimination": A detailed analysis of price discrimination practices by monopolies and their implications for efficiency.
4. "The Role of Innovation in Contestable Markets": Examines how innovation can create competitive pressures even in markets with high barriers to entry.
5. "Game Theory and Market Power": Applies game theory models to illustrate strategic interactions between firms with market power.
6. "Regulation of Network Industries: A Comparative Analysis": Focuses on the specific regulatory challenges posed by monopolies in network industries like telecommunications.
7. "The Political Economy of Monopoly": Examines how political factors influence the formation, maintenance, and regulation of monopolies.
8. "Empirical Evidence on the Effects of Deregulation": Reviews studies assessing the impact of deregulation on market competition and efficiency.
9. "The Deadweight Loss of Monopoly: A Case Study": Presents a detailed case study of a specific industry, calculating the deadweight loss associated with the monopoly power.
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| a single price pure monopoly is economically inefficient: Microeconomics Douglas McTaggart, Christopher Findlay, Michael Parkin, 2012-10-04 High quality, engaging content for students…ultimate flexibility for educators The seventh edition of this benchmark Australian text continues to offer students a comprehensive and relevant introduction to economics whilst offering educators the ability to customise and deliver content – your way. Microeonomics 7th edition provides a streamlined approach to study and recognises the difficulties some students may face in comprehending key concepts. By leaving the more technical content and application until later, students can enjoy the more exciting policy material from the beginning and engage with the content early. Through compelling examples, clear explanations and the latest instructive on-line resources, the text draws students into the content and reinforces learning through practice and solving problems which are relevant to them. The authors train students to think about issues in the way real economists do, and learn how to explore difficult policy problems and make more informed decisions by offering a clear introduction to theory and applying the concepts to today’s events, news, and research. |
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| a single price pure monopoly is economically inefficient: Economic Development E. Wayne Nafziger, 2012-03-26 E. Wayne Nafziger analyzes the economic development of Asia, Africa, Latin America, and East-Central Europe. The book is suitable for those with a background in economics principles. Nafziger explains the reasons for the recent fast growth of India, Poland, Brazil, China, and other Pacific Rim countries, and the slow, yet essential, growth for a turnaround of sub-Saharan Africa. The fifth edition of the text, written by a scholar of developing countries, is replete with real-world examples and up-to-date information. Nafziger discusses poverty, income inequality, hunger, unemployment, the environment and carbon-dioxide emissions, and the widening gap between rich (including middle-income) and poor countries. Other new components include the rise and fall of models based on Russia, Japan, China/Taiwan/Korea, and North America; randomized experiments to assess aid; an exploration of whether information technology and mobile phones can provide poor countries with a shortcut to prosperity; and a discussion of how worldwide financial crises, debt, and trade and capital markets affect developing countries. |
| a single price pure monopoly is economically inefficient: Monopoly Power and Competition Manuela Mosca, 2018-07-27 The innovative contributions of the Italian Marginalists - Pareto, Pantaleoni, De Viti de Marco and Barone, to economic theory have previously been overlooked. This is the first book to deal with the history of the theory of market power and of its relation with competition, focusing on the distinct intellectual tradition that is Italian Marginalist economic thought. Monopoly Power and Competition is a vital resource for historians of economic thought, as it explores a relatively untouched area of microeconomics that sheds light on the theories surrounding monopoly power and barriers to entry. |
| a single price pure monopoly is economically inefficient: Global Economic History: A Very Short Introduction Robert C. Allen, 2011-09-15 Why are some countries rich and others poor? In 1500, the income differences were small, but they have grown dramatically since Columbus reached America. Since then, the interplay between geography, globalization, technological change, and economic policy has determined the wealth and poverty of nations. The industrial revolution was Britain's path breaking response to the challenge of globalization. Western Europe and North America joined Britain to form a club of rich nations by pursuing four polices-creating a national market by abolishing internal tariffs and investing in transportation, erecting an external tariff to protect their fledgling industries from British competition, banks to stabilize the currency and mobilize domestic savings for investment, and mass education to prepare people for industrial work. Together these countries pioneered new technologies that have made them ever richer. Before the Industrial Revolution, most of the world's manufacturing was done in Asia, but industries from Casablanca to Canton were destroyed by western competition in the nineteenth century, and Asia was transformed into 'underdeveloped countries' specializing in agriculture. The spread of economic development has been slow since modern technology was invented to fit the needs of rich countries and is ill adapted to the economic and geographical conditions of poor countries. A few countries - Japan, Soviet Russia, South Korea, Taiwan, and perhaps China - have, nonetheless, caught up with the West through creative responses to the technological challenge and with Big Push industrialization that has achieved rapid growth through investment coordination. Whether other countries can emulate the success of East Asia is a challenge for the future. ABOUT THE SERIES: The Very Short Introductions series from Oxford University Press contains hundreds of titles in almost every subject area. These pocket-sized books are the perfect way to get ahead in a new subject quickly. Our expert authors combine facts, analysis, perspective, new ideas, and enthusiasm to make interesting and challenging topics highly readable. |
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| a single price pure monopoly is economically inefficient: Efficiency, Institutions, and Economic Policy Rüdiger Pethig, Ulrich Schlieper, 2012-12-06 In a neoclassical world the existence of non-zero transaction costs, nonconvex technologies, public goods and so on creates inefficiencies which can be dealt with by various institutions. But, institutions can create inefficiencies of their own. This volume addresses the issue of efficiency and institutions from different angles. First, the efficiency of modern welfare states is analyzed on a general level where topics like social justice, redistribution and rent seeking are studied in an environment of pressure groups and self-interested politicians (papers by Streit, Schlieper, WickstrAm). Second, several papers deal with more specific issues like intergenerational transfers in a social insurance system, the efficiency of law, and contractual arrangements in the labor market (Witt, Rowley and Brough, Monissen and Wenger). Third, allocation procedures for nonexclusive public goods are analyzed (GA1/4th and Hellwig, Pethig). |
| a single price pure monopoly is economically inefficient: Public Sector Debt Statistics International Monetary Fund, 2011-12-08 The global financial crisis of recent years and the associated large fiscal deficits and debt levels that have impacted many countries underscores the importance of reliable and timely government statistics and, more broadly, public sector debt as a critical element in countries fiscal and external sustainability. Public Sector Debt Statistics is the first international guide of its kind, and its primary objectives are to improve the quality and timeliness of key debt statistics and promote a convergence of recording practices to foster international comparability and as a reference for national compilers and users for compiling and disseminating these data. Like other statistical guides published by the IMF, this one was prepared in consultation with countries and international agencies, including the nine organizations of the Inter-Agency Task Force on Finance Statistics (TFFS). The guide's preparation was based on the broad range of experience of our institutions and benefitted from consultation with national compilers of government finance and public sector debt statistics. The guide's concepts are harmonized with those of the System of National Accounts (2008) and the Balance of Payments and International Investment Position Manual, Sixth Edition. |
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| a single price pure monopoly is economically inefficient: Competition Policy Massimo Motta, 2004-01-12 This is the first book to provide a systematic treatment of the economics of antitrust (or competition policy) in a global context. It draws on the literature of industrial organisation and on original analyses to deal with such important issues as cartels, joint-ventures, mergers, vertical contracts, predatory pricing, exclusionary practices, and price discrimination, and to formulate policy implications on these issues. The interaction between theory and practice is one of the main features of the book, which contains frequent references to competition policy cases and a few fully developed case studies. The treatment is written to appeal to practitioners and students, to lawyers and economists. It is not only a textbook in economics for first year graduate or advanced undergraduate courses, but also a book for all those who wish to understand competition issues in a clear and rigorous way. Exercises and some solved problems are provided. |
| a single price pure monopoly is economically inefficient: Stagnation and the Financial Explosion Harry Magdoff, Paul M. Sweezy, 2019-02-15 This is the fourth in a continuing series of collected essays by the former editors of Monthly Review on the state of the U.S. economy and its relation to the global system. Like its predecessors, this volume focuses on the most recent phase of the development of U.S. capitalism, stressing the profound contradictions of the underlying processes of capital accumulation and pointing the way to the fundamental reforms that are the essential precondition for a real economic revival. |
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| a single price pure monopoly is economically inefficient: LOUIS ARMSTRONG NARAYAN CHANGDER, 2024-01-25 THE LOUIS ARMSTRONG MCQ (MULTIPLE CHOICE QUESTIONS) SERVES AS A VALUABLE RESOURCE FOR INDIVIDUALS AIMING TO DEEPEN THEIR UNDERSTANDING OF VARIOUS COMPETITIVE EXAMS, CLASS TESTS, QUIZ COMPETITIONS, AND SIMILAR ASSESSMENTS. WITH ITS EXTENSIVE COLLECTION OF MCQS, THIS BOOK EMPOWERS YOU TO ASSESS YOUR GRASP OF THE SUBJECT MATTER AND YOUR PROFICIENCY LEVEL. BY ENGAGING WITH THESE MULTIPLE-CHOICE QUESTIONS, YOU CAN IMPROVE YOUR KNOWLEDGE OF THE SUBJECT, IDENTIFY AREAS FOR IMPROVEMENT, AND LAY A SOLID FOUNDATION. DIVE INTO THE LOUIS ARMSTRONG MCQ TO EXPAND YOUR LOUIS ARMSTRONG KNOWLEDGE AND EXCEL IN QUIZ COMPETITIONS, ACADEMIC STUDIES, OR PROFESSIONAL ENDEAVORS. THE ANSWERS TO THE QUESTIONS ARE PROVIDED AT THE END OF EACH PAGE, MAKING IT EASY FOR PARTICIPANTS TO VERIFY THEIR ANSWERS AND PREPARE EFFECTIVELY. |
| a single price pure monopoly is economically inefficient: Handbook of law and economics A. Mitchell Polinsky, Steven Shavell, 2007 Law can be viewed as a body of rules and legal sanctions that channel behavior in socially desirable directions - for example, by encouraging individuals to take proper precautions to prevent accidents or by discouraging competitors from colluding to raise prices. The incentives created by the legal system are thus a natural subject of study by economists. Moreover, given the importance of law to the welfare of societies, the economic analysis of law merits prominent treatment as a subdiscipline of economics. This two volume Handbook is intended to foster the study of the legal system by economists. The two volumes form a comprehensive and accessible survey of the current state of the field. Chapters prepared by leading specialists of the area. Summarizes received results as well as new developments.--[Source inconnue]. |
| a single price pure monopoly is economically inefficient: Intermediate Microeconomics Patrick M. Emerson, 2019 |
| a single price pure monopoly is economically inefficient: Monopsony in Motion Alan Manning, 2013-12-03 What happens if an employer cuts wages by one cent? Much of labor economics is built on the assumption that all the workers will quit immediately. Here, Alan Manning mounts a systematic challenge to the standard model of perfect competition. Monopsony in Motion stands apart by analyzing labor markets from the real-world perspective that employers have significant market (or monopsony) power over their workers. Arguing that this power derives from frictions in the labor market that make it time-consuming and costly for workers to change jobs, Manning re-examines much of labor economics based on this alternative and equally plausible assumption. The book addresses the theoretical implications of monopsony and presents a wealth of empirical evidence. Our understanding of the distribution of wages, unemployment, and human capital can all be improved by recognizing that employers have some monopsony power over their workers. Also considered are policy issues including the minimum wage, equal pay legislation, and caps on working hours. In a monopsonistic labor market, concludes Manning, the free market can no longer be sustained as an ideal and labor economists need to be more open-minded in their evaluation of labor market policies. Monopsony in Motion will represent for some a new fundamental text in the advanced study of labor economics, and for others, an invaluable alternative perspective that henceforth must be taken into account in any serious consideration of the subject. |
| a single price pure monopoly is economically inefficient: Fundamentals of Business (black and White) Stephen J. Skripak, 2016-07-29 (Black & White version) Fundamentals of Business was created for Virginia Tech's MGT 1104 Foundations of Business through a collaboration between the Pamplin College of Business and Virginia Tech Libraries. This book is freely available at: http://hdl.handle.net/10919/70961 It is licensed with a Creative Commons-NonCommercial ShareAlike 3.0 license. |
| a single price pure monopoly is economically inefficient: Microeconomics Campbell R. McConnell, Stanley L. Brue, 1996 Offering a unique blend of solid theoretical content and student accessibility, this text stands apart with its emphasis on intriguing applications that convey the prevalence of economics in everyday life. By applying economics to phenomenon that students are familiar with and interested in, this book demonstrates like no other text how economic analysis can be applied to virtually anything of interest, thus helping students develop true economic intuition. Additional student-oriented features include a unique active-learning format, an emphasis on developing economic analysis skills, and an outstanding visual program for exhibits and graphs. Content highlights include balanced presentation of major macro theories; a micro presentation that centers around the trilogy of objectives, constraints, and choices; thorough integration of international topics; and fully-integrated Internet features that offer hands-on exercises foe exploring economics on-line. Microeconomics, 5e is also available in a macro split and both micro/macro are in the principles text. |
| a single price pure monopoly is economically inefficient: The Economics of Health and Health Care Sherman Folland, Allen C. Goodman, Miron Stano, 2013 For courses in Health Economics, U.S. Health Policy/Systems, or Public Health, taken by health services students or practitioners, the text makes economic concepts the backbone of its health care coverage. Folland, Goodman and Stano's book is the bestselling Health Care Economics text that teaches through core economic themes, rather than concepts unique to the health care economy. This edition contains revised and updated data tables, where applicable. The advent of the Patient Protection and Affordable Care Act (PPACA) in 2010 has also led to changes in many chapters, most notably in the organization and focus of Chapter 16. |
| a single price pure monopoly is economically inefficient: One Market, One Money Michael Emerson, 1992 The European Community is negotiating a new treaty to establish the constitutional foundations of an economic and monetary union in the course of the 1990s. This study provides the only comprehensive guide to the economic implications of economic and monetary union. The work of an economist inside the Commission of the European Community, it reflects the considerations influencing the design of the union. The study creates a unique bridge between the insights of modern economic analysis and the work of the policy makers preparing for economic and monetary union. |
| a single price pure monopoly is economically inefficient: Progress and Poverty Henry George, 1898 |
| a single price pure monopoly is economically inefficient: Microeconomics Avinash Dixit, 2014-04 The issues of microeconomics - including individuals' financial choices and firms' decisions about hiring and firing - have a large impact on the economic world, arguably as much, if not more than, macroeconomics. In this Very Short Introduction Avinash Dixit clearly explains what microeconomics is by using examples from around the world. |
| a single price pure monopoly is economically inefficient: ELEMENTARY GRAMMAR NARAYAN CHANGDER, 2024-01-11 THE ELEMENTARY GRAMMAR MCQ (MULTIPLE CHOICE QUESTIONS) SERVES AS A VALUABLE RESOURCE FOR INDIVIDUALS AIMING TO DEEPEN THEIR UNDERSTANDING OF VARIOUS COMPETITIVE EXAMS, CLASS TESTS, QUIZ COMPETITIONS, AND SIMILAR ASSESSMENTS. WITH ITS EXTENSIVE COLLECTION OF MCQS, THIS BOOK EMPOWERS YOU TO ASSESS YOUR GRASP OF THE SUBJECT MATTER AND YOUR PROFICIENCY LEVEL. BY ENGAGING WITH THESE MULTIPLE-CHOICE QUESTIONS, YOU CAN IMPROVE YOUR KNOWLEDGE OF THE SUBJECT, IDENTIFY AREAS FOR IMPROVEMENT, AND LAY A SOLID FOUNDATION. DIVE INTO THE ELEMENTARY GRAMMAR MCQ TO EXPAND YOUR ELEMENTARY GRAMMAR KNOWLEDGE AND EXCEL IN QUIZ COMPETITIONS, ACADEMIC STUDIES, OR PROFESSIONAL ENDEAVORS. THE ANSWERS TO THE QUESTIONS ARE PROVIDED AT THE END OF EACH PAGE, MAKING IT EASY FOR PARTICIPANTS TO VERIFY THEIR ANSWERS AND PREPARE EFFECTIVELY. |
| a single price pure monopoly is economically inefficient: Business: The Key Concepts Mark Vernon, 2003-09-02 Here is a practical guide to the essentials of business. This book provides everything you need to know about the key concepts and terms, from accountability to zero-sum game. Everything from management, economics and finance to marketing, organizational behaviour and operations is covered in just the right amount of detail to make things clear and intelligible. Business: The Key Concepts: * is detailed yet approachable * considers new developments in business, notably eBusiness and contemporary business ethics * covers established subjects, taking an international and strategic perspective that balances theory and practice * suggests specific further reading for many concepts and also includes an extensive bibliography. Whether you're already in business and could do with a handy reference guide, or you're a student needing an introduction to the fundamentals, Business: The Key Concepts is the perfect companion. |
| a single price pure monopoly is economically inefficient: Economic Security: Neglected Dimension of National Security ? National Defense University (U S ), National Defense University (U.S.), Institute for National Strategic Studies (U S, Sheila R. Ronis, 2011-12-27 On August 24-25, 2010, the National Defense University held a conference titled “Economic Security: Neglected Dimension of National Security?” to explore the economic element of national power. This special collection of selected papers from the conference represents the view of several keynote speakers and participants in six panel discussions. It explores the complexity surrounding this subject and examines the major elements that, interacting as a system, define the economic component of national security. |
| a single price pure monopoly is economically inefficient: Economic Growth, second edition Robert J. Barro, Xavier I. Sala-I-Martin, 2003-10-10 The long-awaited second edition of an important textbook on economic growth—a major revision incorporating the most recent work on the subject. This graduate level text on economic growth surveys neoclassical and more recent growth theories, stressing their empirical implications and the relation of theory to data and evidence. The authors have undertaken a major revision for the long-awaited second edition of this widely used text, the first modern textbook devoted to growth theory. The book has been expanded in many areas and incorporates the latest research. After an introductory discussion of economic growth, the book examines neoclassical growth theories, from Solow-Swan in the 1950s and Cass-Koopmans in the 1960s to more recent refinements; this is followed by a discussion of extensions to the model, with expanded treatment in this edition of heterogenity of households. The book then turns to endogenous growth theory, discussing, among other topics, models of endogenous technological progress (with an expanded discussion in this edition of the role of outside competition in the growth process), technological diffusion, and an endogenous determination of labor supply and population. The authors then explain the essentials of growth accounting and apply this framework to endogenous growth models. The final chapters cover empirical analysis of regions and empirical evidence on economic growth for a broad panel of countries from 1960 to 2000. The updated treatment of cross-country growth regressions for this edition uses the new Summers-Heston data set on world income distribution compiled through 2000. |
| a single price pure monopoly is economically inefficient: Economic Analysis Kenneth E. Boulding, 1941 |
| a single price pure monopoly is economically inefficient: Taxation, Government Spending and Economic Growth Philip Booth, Ryan Bourne, Rory Meakin, Lucy Minford, Patrick Minford, David B. Smith, 2016-11-01 Amidst the debates about ‘austerity’ a number of vital debates in public finance have been sidelined. Because the reductions in government spending – small though they have been so far- have been designed to reduce the government’s borrowing requirement, there has been little discussion of whether the size of the state should be reduced in order to facilitate long-run reductions in the burden of taxation. This book traces the history of the growth of the size of the state over the last 100 years whilst also making international comparisons. There is a particular focus on recent and projected future developments which shows that, though the total level of government spending has not decreased significantly in recent years, there has been a big redirection of spending from some areas to others. The authors then examine the evidence on the relationship between taxation and economic growth. As well as reviewing recent literature, they also undertake new modelling that higher taxes are detrimental for growth. In the final part of the book, the whole UK tax system is reconsidered in a proper economic framework. The UK has one of the world’s most complex tax systems and its incoherence has increased over the last five years. Sweeping reforms are proposed to the system which wold involve abolishing around 20 taxes and the development of a simple, predictable tax system based on principles that should gain wide acceptance. |
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