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When Deregulation Makes Things Worse Before They Get Better

In: Competition and Markets

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  • Paul A. Samuelson

Abstract

Under perfect competition Smith’s Invisible Hand is understood to avoid deadweight losses and other inefficiencies. By contrast with private property, the push — shove equilibrium on unappropriated lands leads to various tragedies of the Common. We owe to A. Young’s (1913) correction of Pigou’s mistake (concerning increasing-cost industries and pecuniary external diseconomies) the demonstration that competitive rent-collecting achieves social efficiency (à la Pareto if not Bentham-Bergson). D.H. Robertson (1924) and F.H. Knight (1924) have developed Young’s insight and in later editions of Economics of Welfare Pigou finally conceded the point.

Suggested Citation

  • Paul A. Samuelson, 1990. "When Deregulation Makes Things Worse Before They Get Better," Palgrave Macmillan Books, in: Christopher Moir & John Dawson (ed.), Competition and Markets, chapter 2, pages 11-20, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-10510-6_2
    DOI: 10.1007/978-1-349-10510-6_2
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    Cited by:

    1. Samuelson, Paul, 1995. "Some uneasiness with the Coase Theorem," Japan and the World Economy, Elsevier, vol. 7(1), pages 1-7, May.

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