The Social Costs of Monopoly and Regulation
@article{Posner1975TheSC, title={The Social Costs of Monopoly and Regulation}, author={Richard A. Posner}, journal={Journal of Political Economy}, year={1975}, volume={83}, pages={807 - 827} }
This paper presents a model and some highly tentative empirical estimates of the social costs of monopoly and monopoly-inducing regulation in the United States. Unlike the previous studies, it assumes that competition to obtain a monopoly results in the transformation of expected monopoly profits into social costs. A major conclusion is that public regulation is probably a larger source of social costs than private monopoly. The implications of the analysis for several public policy issues…
927 Citations
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