Economic protectionism

Trade ; International trade

In Defense of Monopoly

"In Defense of Monopoly offers an unconventional but empirically grounded argument in favor of market monopolies. Authors McKenzie and Lee claim that conventional, static models exaggerate the harm done by real-world monopolies, and they show why some degree of monopoly presence is necessary to maximize the improvement of human welfare over time. Inspired by Joseph Schumpeter's suggestion that market imperfections can drive an economy's long-term progress, In Defense of Monopoly defies conventional assumptions to show readers why an economic system's failure to efficiently allocate its resources is actually a necessary precondition for maximizing the system's long-term performance: the perfectly fluid, competitive economy idealized by most economists is decidedly inferior to one characterized by market entry and exit restrictions or costs. An economy is not a board game in which players compete for a limited number of properties, nor is it much like the kind of blackboard games that economists use to develop their monopoly models. As McKenzie and Lee demonstrate, the creation of goods and services in the real world requires not only competition but the prospect of gains beyond a normal competitive rate of return.

Incorporating inventories into supply and demand analysis

While the paper lacks a formal abstract, it draws the important distinction between stocks and flows in supply and demand to better understand the business cycle

Incorporating inventories into supply and demand analysis

While the paper lacks a formal abstract, it draws the important distinction between stocks and flows in supply and demand to better understand the business cycle.Inventories; supply and demand; business cycles; stocks versus flows

The short-and long-run marginal cost curve: a pedagogical note

The brief paper lacks an abstract, but clarifies a point of considerable confusion among students of economics

The short-and long-run marginal cost curve: a pedagogical note

The brief paper lacks an abstract, but clarifies a point of considerable confusion among students of economics

Slope versus elasticity and the burden of taxation

While there was no abstract for this brief paper, it clarifies for students that demand and supply slopes convey the burden of taxation discussion at least as well as does the more typical discussion employing elasticities

Slope versus elasticity and the burden of taxation

While there was no abstract for this brief paper, it clarifies for students that demand and supply slopes convey the burden of taxation discussion at least as well as does the more typical discussion employing elasticities.economic education; burden of taxation; slope; elasticity