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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MONOPOLY 99 under competition) and relieved the pressure which competition exerts upon individuals, compelling them to be alert and act with energy. Whether competition may not also have its bad side in driving the bare survivors to resort in desperation to sharp or positively dishonest practices, such as lying advertising and thievish adulterating, it is not for us to inquire at present. It is possible to lay down certain probable generalisations which enable one roughly to forecast what the effect of monopoly will be in different circumstances. When demand is highly elastic, a large restriction of supply under monopoly is less likely than it is when demand is inelastic, because a substantial curtailment of supply is needed to lever up price appreciably when demand is very elastic. When a slight limitation of supply sensibly raises price, it is practically certain that a shrinkage of output and a considerable percentage elevation in price would follow the creation of a monopoly, other things being equal. The phrase, “ other things being equal ” is inserted here because it may be essential to the success of a monopoly to conciliate the public, which is not likely to prove amiable if extortionate charges are imposed upon it Another generalisation

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