TAILIEUCHUNG - THẠC SỸ KINH TẾ - KINH TẾ VI MÔ - CHAPTER 12

That competition is a virtue, at least as far as enterprises are concerned has been a basic article of faith in the American Tradition, and a vigorous antitrust policy has long been regarded as both beneficial and necessary, not only to extend competitive forces into new regions but also to preserve them where they may be flourishing at the moment. | CHAPTER 12 Monopoly Power and Firm Pricing Decisions That competition is a virtue at least as far as enterprises are concerned has been a basic article of faith in the American Tradition and a vigorous antitrust policy has long been regarded as both beneficial and necessary not only to extend competitive forces into new regions but also to preserve them where they may be flourishing at the moment. G. Warren Nutter Henry Alder Einhorn At the bottom of almost all arguments against the free market is a deep-seated concern about the distorting some would say corrupting influence of monopolies. People who are suspicious of the free market fear that too many producers are not controlled by the forces of competition but instead hold considerable monopoly power. Unless government intervenes these firms are likely to exploit their power for their own selfish benefit. This theme has been fundamental to the writings of John Kenneth Galbraith. The initiative in deciding what is produced comes not from the sovereign consumer who through the market issues instructions that bend the productive mechanism to his ultimate will. Rather it comes from the great producing organization which reaches forward to control the markets that it is presumed to serve and beyond to bend the customers to its Currently the Department of Justice and nineteen state attorneys general are suing Microsoft because of the concern that one firm has too much market power. Furthermore the company as a consequence is harming consumers as well as its potential market rivals and may be doing other damage to the economy for example impairing competition. This chapter is really a continuation of our earlier discussion of market failures for monopoly is often seen as one of the gravest of all forms of failure in markets. Accordingly we will examine the dynamics of monopoly power and attempt to place their consequences in proper perspective. We will also consider the usefulness of antitrust laws in .

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