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Misleading Calculations of the Social Costs of Monopoly Power

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  • Littlechild, S C

Abstract

It has long been thought that monopoly is ‘bad’, but only comparatively recently have economists attempted to measure ‘how bad’. The first and most influential of such studies (Harberger, 1954) found that the welfare losses attributable to monopoly were surprisingly small — of the order of one tenth of one percent of national income in the United States during the 1920s.
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Suggested Citation

  • Littlechild, S C, 1981. "Misleading Calculations of the Social Costs of Monopoly Power," Economic Journal, Royal Economic Society, vol. 91(362), pages 348-363, June.
    • Handle: RePEc:ecj:econjl:v:91:y:1981:i:362:p:348-63
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    Cited by:

    1. Mueller, Dennis C., 1996. "Lessons from the United States's antitrust history," International Journal of Industrial Organization, Elsevier, vol. 14(4), pages 415-445, June.
    2. Fukuyama, Hirofumi & Matousek, Roman & Tzeremes, Nickolaos G., 2023. "Estimating the degree of firms’ input market power via data envelopment analysis: Evidence from the global biotechnology and pharmaceutical industry," European Journal of Operational Research, Elsevier, vol. 305(2), pages 946-960.
    3. Ruslan A. Samsonov & Sergey N. Bocharov, 2019. "Systematic rent in global value chains," Upravlenets, Ural State University of Economics, vol. 10(6), pages 2-14, December.
    4. Varios autores, 2015. "Colección Enrique Low Murtra: Derecho económico. Tomo X," Books, Universidad Externado de Colombia, Facultad de Derecho, number 1018, march.
    5. Alice Guerra & Barbara Luppi & Francesco Parisi, 2019. "Productive and unproductive competition: a unified framework," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 36(3), pages 785-804, October.
    6. Arye L. Hillman & Heinrich W. Ursprung, 2016. "Where are the rent seekers?," Constitutional Political Economy, Springer, vol. 27(2), pages 124-141, June.
    7. John Stanley Metcalfe & Ronnie Ramlogan, 2007. "Competition and the Regulation of Economic Development," Chapters, in: Paul Cook & Raul Fabella & Cassey Lee (ed.), Competitive Advantage and Competition Policy in Developing Countries, chapter 2, Edward Elgar Publishing.
    8. Kamath Shyam J., 1994. "Privatization: A Market Prospect Perspective," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 5(1), pages 53-104, March.
    9. Yao, Shuntian & Gan, Lydia, 2010. "Monopoly innovation and welfare effects," Economics Discussion Papers 2010-10, Kiel Institute for the World Economy (IfW Kiel).
    10. D. P. T. Young, 2000. "Firms' Market Power, Endogenous Preferences and the Focus of Competition Policy," Review of Political Economy, Taylor & Francis Journals, vol. 12(1), pages 73-87.
    11. J.H.L. Dewhurst, 2000. "Foreign Direct Investment and Development-agency Intervention: A Theoretical Model," Urban Studies, Urban Studies Journal Limited, vol. 37(3), pages 497-511, March.
    12. Alcalde, José & Dahm, Matthias, 2010. "Rent seeking and rent dissipation: A neutrality result," Journal of Public Economics, Elsevier, vol. 94(1-2), pages 1-7, February.
    13. Paz Estrella Tolentino, 2000. "The Conduct of Industrial Policy in an Integrated Europe," International Review of Applied Economics, Taylor & Francis Journals, vol. 14(3), pages 391-401.
    14. George G. Djolov, 2004. "Market Power And The Pharmaceutical Industry In South Africa," Economic Affairs, Wiley Blackwell, vol. 24(2), pages 47-51, June.
    15. Pousette, Tomas, 1983. "Monopoly and Allocative Efficiency with Stochastic Demand," Working Paper Series 84, Research Institute of Industrial Economics.
    16. Shuntian Yao & Lydia L. Gan, 2006. "The Welfare Effects of Monopoly Innovation," Economic Growth Centre Working Paper Series 0609, Nanyang Technological University, School of Social Sciences, Economic Growth Centre.

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