Adam smith on monopoly theory. making good a Lacuna

Rodolfo Signorino, Neri Salvadori

Risultato della ricerca: Articlepeer review

5 Citazioni (Scopus)

Abstract

This article analyses Adam Smith's views on monopoly by focusing on Book IV and V of The Wealth of Nations. It argues that the majority of scholars have assessed Smith's analysis of monopoly starting from premises different from those, actually though implicitly, used by Smith. We show that Smith makes use of the word 'monopoly' to refer to a heterogeneous collection of market outcomes, besides that of a single seller market, and that Smith's account of monopolists' behaviour is richer than that provided by later theorists. We also show that Smith was aware of the growth-retarding effect of monopoly and urged State regulation. © 2014 Scottish Economic Society.
Lingua originaleEnglish
pagine (da-a)178-195
Numero di pagine18
RivistaScottish Journal of Political Economy
Volume61
Stato di pubblicazionePublished - 2014

All Science Journal Classification (ASJC) codes

  • Sociology and Political Science
  • Economics and Econometrics

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