Monopsony Theory Revisited
Résumé
Standard monopsony theory, old and new, lacks a realistic criterion to distinguish between monopsony and competitive prices. Consequently, prominent Austrian critics have by and large dismissed it. However, the idea that human action occurs in discrete steps, that the supply schedules of factors of production must then always be less than perfectly elastic, and the view that, like demand schedules for products, their elasticity can be altered as a result of coercion, lead to a theory of "monopoly price-gap", with monopoly and monopsony prices as two features of the same phenomenon.
Domaines
Economies et finances
Origine : Fichiers produits par l'(les) auteur(s)
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