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Monopoly and Efficiency

What is Wrong with Monopoly?

I could not pass up an opportunity to include an article by George Stigler, one of the very best economists of his time. It is in The Concise Encyclopedia of Economics:

The theory of monopoly is easily reduced to a simple graph. Here are two sites that have interactive explanations and demonstrations of the theory of monopoly. The first is short, and the second very long and complete:

Theory of Few Sellers

This short piece on oligopoly contains the key points on the topic:

Restrictions in the Labor Market

This entry in The Concise Encyclopedia of Economics gives the case against occupational licensing:

Price Discrimination

Even though businesses find it profitable to price discriminate, the public often does not believe that higher demand is a justified reason to charge more. An article in The New York Times discusses forms of price discrimination people accept as fair and forms they think unfair:

Antitrust Policy

This entry in The Concise Encyclopedia of Economics probably gives you more than you want to know about antitrust policy:


Why do economists tend to distrust occupational licensing? See if you can see any rationale for licensing in this case:

Regulation: The Evidence

The late George Stigler pioneered studies that examined the actual effects of regulation, and found that those effects were often quite different from the publicly stated goals of the regulation. Here is a short biographical note on Stigler:

These links were checked on July 5, 2008

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