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 105 public opinion effective when it can, and a public excessively squeezed by monopoly is likely to demand clamorously that the heavy hand of the State should be extended for its relief. And Governments can not only control, or try to control, but also nationalise services. Moreover, there is potential competition to take into account. The richer the gains of monopoly, the more will rivals be tempted into the field to get a share of the booty, and the greater will be the chance of a natural demolition of restraint of trade. So monopolists are likely to prefer large outputs and low prices to small outputs and high prices, if the direct pecuniary advantage of the former to them is not greatly inferior to that of the latter. Finally, it may be pointed out that a public authority which monopolised a service would not be likely to aim at the highest monopoly revenue, even within the limita tions defined above. It would naturally pay regard to public advantage, which is measured by consumers’ surpluses. A particular case of discriminative charges, which is known as dumping, has very much agitated the public mind in recent years. Dumping is ordinarily understood as selling an article abroad not merely at a price beneath

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