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The Social Costs of Monopoly and Regulation

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  • Posner, Richard A

Abstract

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, such as appropriate policy toward mergers and price discrimination, are also discussed.
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Suggested Citation

  • Posner, Richard A, 1975. "The Social Costs of Monopoly and Regulation," Journal of Political Economy, University of Chicago Press, vol. 83(4), pages 807-827, August.
    • Handle: RePEc:ucp:jpolec:v:83:y:1975:i:4:p:807-27
    DOI: 10.1086/260357
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