Political economy

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Monograph

Identifikator:: 867647221

URN:: urn:nbn:de:zbw-retromon-93157

Document type:: Monograph

Author:: Chapman, Sydney John http://d-nb.info/gnd/123743141

Title:: Political economy

Place of publication:: London [u.a.]

Publisher:: Williams & Norgate [u.a.]

Year of publication:: 1912

Scope:: 1 Online-Ressource (255 Seiten)

Collection:: Economics Books

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98 POLITICAL ECONOMY ever, before taking up the consideration of the problem of monopoly in these circumstances something must be added to the theory under the simpler conditions already explained. The question naturally arises as to what will be the effect upon price and supply of the monopolisation of an industry which used to be carried on competitively. The answer is that price is certain to rise and supply to be reduced if the integration of the industry does not bring about any economies in production. To suppose otherwise is to suppose that for no output can the average expenses be less than price, broadly speaking. It may be, however, that concentrating the control of an industry to the extent which renders it a monopoly will have substantial effects in reducing, for a time at any rate, the average costs of production. In this event it is conceivable that the monopoly price would be less than the competitive price ; but there is a good deal to be said for the view that any saving immediately effected in cost of production might finally be counteracted, or more than counteracted, in consequence of the fact that efficiency might be under mined when monopoly suppressed the process of natural selection (which operates through the agency of the survival of the fittest

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