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The Political Economy of Monopoly Business Labor and Government Policies
1952
by
Machlup
Fritz Machlup
Monopoly
Market Structure
Price Theory
Price Controls
Innovation
Perfect Competition
Planned Economy
Cartels
Competition
Labor Law
Protectionism
Income Distribution
Inflation
Trade Unions
Wages
Elasticity of Demand
Marginal Cost
Methodology
Value Judgments
Monopolistic Competition
Entrepreneurship
Ideal Type
Profit and Loss
Welfare Economics
Externalities
National Income
Opportunity Cost
Price Mechanism
Resource Allocation
Friedrich A. Hayek
Unemployment
Deflation
Economic Policy
Game Theory
Agriculture
Collective Bargaining
Political Economy
Laissez-faire
Nationalization
Economies of Scale
Raw Materials
Speculation
Business Cycles
Stabilization
Joseph Schumpeter
Taxation
Frank Knight
Adam Smith
Oligopoly
George Stigler
Marxism
Coercion
Dumping
Discount Rate
Production Costs
Property Rights
Interventionism
Aristotle
International Trade
Progressive Taxation
Alvin Hansen
Exchange Control
Balance of Payments
International Liquidity
Productivity
Trade Policy
Guilds
Mercantilism
Knowledge Economics
Supply and Demand
Effective Demand
Fiscal Policy
Monetary Policy
Credit Expansion
Class Struggle
John Stuart Mill
Karl Marx
John Maynard Keynes
Labor Mobility
Joan Robinson
Wage Rigidity
Keynesian Economics
Saving
Economic Development
Capital Movements
John Hicks
Underconsumption
Price Stability
Totalitarianism
Joseph Stalin
Gustav Schmoller
Historical School
Thorstein Veblen
Max Weber
Expectations
Liberalism
Oskar Morgenstern
Great Depression
Robert Triffin
Labor Market
Exploitation
Table of Contents · 290 segments
1
Title Pages, Publication Data, and Books by Fritz Machlup
bibliography
2
Author's Preface
essay
3
Table of Contents
chapter
4
Analytical Table of Contents: Part I Concepts, Problems, Appraisals
chapter
5
Analytical Table of Contents: Part II—Business Policies
chapter
6
Analytical Table of Contents: Part III—Government Policies
chapter
7
Analytical Table of Contents: Part IV—Labor Policies
chapter
8
Analytical Table of Contents: Part V—Facts, Theories, Measurements and Opening of Part I
chapter
9
Fundamental Notions and Concepts: Loose Charges and the Sins of Monopoly
chapter
10
Vague Notions and Indiscernible Facts
chapter
11
Competition, Pure and Perfect: Perfect Market
chapter
12
Pure Competition and the Pure Competitor Model
chapter
13
Non-Pure Competition and Business Rivalry
chapter
14
Pure Competition as an Ideal and Perfect Competition
chapter
15
The Function of Competitive Prices
chapter
16
Chapter 2: Monopoly: Meanings, Effects, Manifestations — Introduction and Framework
chapter
17
Restrictions of the Volume of Operations
theoretical
18
Restrictions of Entry
theoretical
19
Practices to Tighten Restrictions of Operations
theoretical
20
The Economic Effects of Monopolistic Restrictions
theoretical
21
Provisos and Reservations
theoretical
22
Monopoly in Business, Labor, and Agriculture
theoretical
23
Monopolistic Business Policies
theoretical
24
Monopolistic Business Policies: Four Categories
theoretical
25
Various Meanings of Business Monopoly
theoretical
26
Footnotes on Reformulating Monopoly Definitions
footnotes
27
Monopsony in Business
theoretical
28
Monopolistic Restrictions in Agriculture
theoretical
29
Monopolistic Labor Policies
theoretical
30
Chapter 3: Monopoly: Economic and Political Appraisals—Opening Framing
chapter
31
Inevitability and Desirability of Monopoly
theoretical
32
The Cost of Avoidance
theoretical
33
Public versus Private Monopoly
theoretical
34
Public and Private Monopoly: Arguments Against Public Operation
theoretical
35
Large-Scale Production and Product Variety as Arguments for Monopoly
theoretical
36
Exploitation of Natural Resources and Conservation Arguments
theoretical
37
Unstable Industries: Commodity Fluctuations, Quotas, Buffer Stocks, and Cobweb Cycles
theoretical
38
Instability, Excess Capacity, Shock-Absorbers, and Stable Growth
theoretical
39
Monopolistic Brakes and Technological Progress
theoretical
40
Monopoly Policies versus Tax Policies
theoretical
41
Debits and Credits of Monopolistic Restraints
theoretical
42
Monopoly and Democracy; Transition to Part II—Business Policies
chapter
43
Chapter 4: Monopolistic Business Practices—Meanings and Distinctions
chapter
44
Cooperation, Collusion, and Cartels: Classification and Definitions
chapter
45
Gentlemen's Agreements as Informal Collusion
chapter
46
Trade Associations, Cost Calculations, and Statistical Services
chapter
47
Open-Price Associations and Trade Association Price Publicity
theoretical
48
Delivered-Price Formulas and Cartels with Enforcement Apparatus
theoretical
49
Cartel Arrangements: Legal Instruments, Price Fixing, Market Division, and Output Quotas
chapter
50
Transferable Cartel Quotas and Shut-Down Compensations
theoretical
51
Profit Pools and Average Price Cartels
theoretical
52
Centralized Selling
theoretical
53
Oppression, Domination, Merger, Concentration
theoretical
54
Manifold Interrelationships, Warfare and Cooperation
theoretical
55
Oppressive Practices
theoretical
56
Domination
theoretical
57
The Merger Movement
chapter
58
The Merger Movement
chapter
59
Antitrust Merger Rules and Asset-Acquisition Loopholes
essay
60
Integration and Conglomeration
theoretical
61
Corporate Bigness, Anti-Merger Law, and the Problem of Concentration
chapter
62
Industrial Concentration, Horizontal Integration, and Competition
chapter
63
Restrictions on Entry: Four Methods of Excluding Newcomers
chapter
64
Governmental Barriers and the Transition to Threats of Ruinous Campaigns
chapter
65
Threats of Ruinous Campaigns and Barred Access to Resources
chapter
66
Bigger Minimum Size
chapter
67
Advertising, Distribution Integration, and Entry Barriers
chapter
68
Chapter 5 Introduction: Monopolistic Business Practices
chapter
69
Price Leadership: Merger, Domination, and Coercion
theoretical
70
Conformance without Pressure, Suasion or Collusion
theoretical
71
Mutual Understanding between Leader and Followers
theoretical
72
Mutual Understanding between Leader and Followers
theoretical
73
Four Types of Price Leadership
theoretical
74
Legal implications of price leadership under antitrust law
theoretical
75
Price discrimination as a range of monopolistic policies
theoretical
76
Definition of price discrimination by relative prices and costs
theoretical
77
Monopoly power, classifications, and personal price discrimination
theoretical
78
Let-Him-Pay-More Type of Personal Price Discrimination
theoretical
79
Size-Up-His-Income Discrimination in Professional Fees
theoretical
80
Measure-the-Use Discrimination Through Patents and Copyrights
theoretical
81
Group Discrimination: Criteria, Examples, and Purposes
theoretical
82
Consumer Location and Geographic Price Discrimination
theoretical
83
Freight absorption, advertised brands, and territorial distributors
theoretical
84
Freight equalization, play-the-game discrimination, and Pittsburgh Plus pricing
theoretical
85
Multiple-basing-point pricing, monopoly effects, and Clayton Act restrictions
theoretical
86
Geographic and Customer-Status Price Discrimination
theoretical
87
Large-Buyer Favoritism and the Robinson-Patman Act
theoretical
88
Hold-Them-in-Line Price Discrimination
theoretical
89
Product-Use Discrimination and Charge-What-the-Traffic-Will-Bear Pricing
theoretical
90
User Group Discrimination in Manufacturing, Agriculture, and the Definition of Product Discrimination
theoretical
91
Product Discrimination Through Classes, Labels, Clearance Sales, and Off-Peak Rates
theoretical
92
Price Discrimination and the Public Interest
theoretical
93
Footnote on Interdependent Demand Curves in Product Discrimination
footnotes
94
Qualifications on the Social Effects of Price Discrimination
theoretical
95
A Digression on Price Uniformity: Collusion or Competition?
theoretical
96
Necessary Distinctions in Price Uniformity
theoretical
97
Implications of Price Identity and Uniformity: Delivered Prices and Freight Absorption
theoretical
98
Geographic Price Patterns, Price Competition, and Mill-Net Prices (Cases 3–6)
theoretical
99
Unfair Competition: Legal, Ethical, and Economic Standards
theoretical
100
What Is Unfair? Custom, Expectations, and Welfare
theoretical
101
The Right to Compete, Depression-Era Fairness Statutes, and Fair Trade
theoretical
102
Economic Classification of Unfair Competitive Practices
theoretical
103
Four Classes of Unfair Competition
theoretical
104
Deception, Predatory Competition, Nondeceptive Imitation, and Consumer Harm
theoretical
105
Chapter 6 Introduction: Governmental Restraints on Monopoly and Antitrust Laws
chapter
106
Governmental Ambivalence toward Competition and Monopoly
chapter
107
Interventions against Competition as Indirect Aids to Monopoly
chapter
108
Interventions against Monopoly: Common Law, Antitrust Enforcement, and Merger Failures
chapter
109
Chronology of Antimonopoly Policy: Ancient History and Transition to English History
chapter
110
English History: Anti-Monopoly Chronology
essay
111
American History: Antitrust Chronology, 1641–1931
essay
112
Chronology of U.S. Antitrust Law, 1933-1952
essay
113
The Antitrust Laws of the United States: The Sherman Act
chapter
114
The Clayton Act
chapter
115
The Clayton Act: Prohibited Practices and Merger Enforcement
chapter
116
Federal Trade Commission, Robinson-Patman, and Celler Anti-Merger Acts
chapter
117
Rules and Exceptions to Federal Antitrust Prohibitions
chapter
118
The Law of Collusion and Juridical Controversies
chapter
119
Restraint of Trade, Monopoly, and the Rule of Reason
theoretical
120
Unconditional Prohibitions
theoretical
121
Certainties and Uncertainties in Antitrust Price-Fixing Law
chapter
122
Observance, Enforcement, Penalties, and Transition to Restrictive Patent Licensing
chapter
123
Collusion through Restrictive Patent Licensing
chapter
124
Exemptions for Labor and Agriculture
chapter
125
Exemptions for Labor and Agricultural Cooperatives from Antitrust Law
chapter
126
Exemptions for Transportation, Banking, and Insurance from Antitrust Law
chapter
127
Exemptions for Export Associations and Retail Resale Price Maintenance
chapter
128
Antitrust Exemptions: Fair Trade Acts, NIRA Codes, and Wartime Immunity
chapter
129
The Law of Monopolization: Statutory Ban and Vexing Problems
chapter
130
An All Too Judicious Judiciary: The Sugar Trust Case
chapter
131
Judicial Narrowing of Sherman Act Monopolization
chapter
132
Clayton Act Section 7: Drafting Loopholes, Judicial Frustration, and the 1950 Amendment
chapter
133
Changing Antitrust Doctrine on Mergers and Monopoly Power
chapter
134
Antitrust Laws—Success or Failure?: Contradictory Appraisals
chapter
135
Contradictory Appraisals of American Antitrust Law
chapter
136
Stopping the Cartels—a Partial Success
chapter
137
Checking the Trusts—a Dismal Failure
chapter
138
Alternative and Complementary Antitrust Policies
chapter
139
Chapter 7: Governmental Aids to Monopoly — Corporation Laws
chapter
140
Tax Policies: Non-Fiscal Objectives, Corporation Income Taxes, and Small Business Bias
chapter
141
Tax Biases Against New and Small Firms
chapter
142
Tax-Induced Sales of Small Business Firms
chapter
143
Tax Treatment of Closely Held Firms and Incentives to Sell Out
essay
144
The Potential Bias Against Big Business
essay
145
Taxation, Corporate Bigness, and Antimonopoly Policy
theoretical
146
Trade Barriers as Governmental Restrictions on Competition
theoretical
147
Advertising Tax Proposal and Budget-Economy Footnote (Continuation)
footnotes
148
Trade Barriers: Exchange Rationing and Local Barriers
theoretical
149
Import Tariffs: Revenue, Exchange, and Protective Motives
theoretical
150
Arguments for Tariff Protection: Low Wages, Employment, Retaliation, and Infant Industry
theoretical
151
Optimum Tariffs, Infant-Industry Protection, and Pressure-Group Politics
chapter
152
Tariffs, Cartelization, and the Beginning of Import Quotas
chapter
153
Import Quotas, Tariff Quotas, and Foreign Exchange Restrictions
chapter
154
Interstate Trade Barriers
chapter
155
Interstate Trade Barriers: Trucking, Health Inspections, Quarantines, and Labeling
chapter
156
Patent Laws: Similarities Between Tariff Protection and Patent Protection
theoretical
157
Justification of Patent Protection and Transition to Extension of the Patent Monopoly
theoretical
158
Extension of the Patent Monopoly
theoretical
159
Abolition or Prevention of Abuse?
theoretical
160
Patent Laws as a Source of Monopoly Power
theoretical
161
Chapter 8: Governmental Aids to Monopoly—Overview
chapter
162
Licensing and Board Regulation; Economic Freedom Gained and Lost Again
chapter
163
The Public Interest and the Private Interests in Licensing
chapter
164
Occupational Licensing, Guild Revival, and Natural Monopoly Regulation
chapter
165
Protecting Competing Monopolies in Transportation Regulation
chapter
166
Motor Carrier Regulation and Rate-Making Restrictions
chapter
167
Competition Prohibited in Transportation
chapter
168
Conservation of Natural Resources
chapter
169
Private and Social Costs in Resource Depletion
theoretical
170
Private and Social Costs of Resource Exploitation (continued)
chapter
171
Organic Natural Resources, Sustained-Yield Forestry, and Oil Conservation Opening
chapter
172
Oil Conservation or Restriction? Proration, Price Maintenance, and Monopoly Control
chapter
173
Coal Conservation—a Misnomer
chapter
174
Price Controls: Competitive Prices and Government Methods
chapter
175
Minimum Prices, Price Supports, Output Control, and Surplus Removal
chapter
176
Marketing Programs under the Agricultural Marketing Agreement Act
chapter
177
Agricultural Marketing Orders and Milk Control Programs
chapter
178
International Price Programs
chapter
179
Subsidized Production for Destruction
chapter
180
Potato Price Supports, Surplus Destruction, and Tariff Protection
chapter
181
Minimum-Price Controls in Agriculture, NIRA, and Coal
chapter
182
State Prohibitions on Sales Below Cost
chapter
183
Maximum-Price Legislation, Rationing, and Demand Controls
chapter
184
Rent Control and Housing Allocation
chapter
185
Rent Control and Housing Shortages
chapter
186
Labor Legislation, Courts, and the Legal Foundations of Union Power
chapter
187
The Power to Organize: Antiunion Employer Tactics and Federal Labor Law
chapter
188
Wagner Act Unfair Labor Practices and Government Support for Union Organization
chapter
189
The Use of Organized Power: Strikes, Boycotts, Antitrust Law, and Injunctions
chapter
190
The Wagner Act and Government Support for Union Power
chapter
191
Pruning Back: The Taft-Hartley Act and Limits on Union Power
chapter
192
The Public Interest and the Transition to Labor Policies
chapter
193
Chapter 9 Opening: Monopolistic Labor Policies and Meanings of Labor
chapter
194
The Size of Labor and the Ambiguity of Pro-Labor Sentiment
theoretical
195
Approval of Labor Monopoly and the Unequal Bargaining Power Argument
theoretical
196
Arguments for Strong Trade Unions: Method of Analysis
theoretical
197
Arguments for Strong Trade Unions: Bargaining Inequality and Labor Market Defects
theoretical
198
Arguments for Strong Unions: Real Wages, Justice, and Romantic Semantics
theoretical
199
Labor as a Commodity and the Opening of the Bargaining Power Argument
theoretical
200
Definitions, Measurement Problems, and Limits of Bargaining Power
theoretical
201
Bargaining Power and the Need to Examine Labor Arguments
theoretical
202
Labor—the Most Perishable Commodity and Workers Must Eat—They Cannot Wait
theoretical
203
No Visible Competition for Labor
theoretical
204
Conspiracies among Employers
theoretical
205
Immobility of Labor
theoretical
206
Immobility of Labor
theoretical
207
Immobility and Isolated Markets
theoretical
208
Labor-Surplus Areas, Monopsony, and Profits at the Expense of Wages
theoretical
209
Immobility and General Unemployment
theoretical
210
Labor Immobility, Unemployment, and Employer Competition
theoretical
211
Immobility and Nonwage Competition; Opening of Corporations as Combinations of Capital
theoretical
212
Corporate Ownership Associations and Employers' Competition for Labor
theoretical
213
Redressing the Balance
theoretical
214
Dealing with Isolated Labor Markets
theoretical
215
Labor Immobility, Union Restrictions, and New Enterprise Competition
theoretical
216
Dealing with Employers' Collusion
theoretical
217
Trade Unions and the Equalization of Bargaining Strength
theoretical
218
Dealing with Employer Differentiation
theoretical
219
Chapter 10 Introduction: Monopolistic Labor Policies, Wage Rates, and Income
chapter
220
Correcting Defects of the Labor Market: Wage Differentials, Job Evaluation, and Adjustment Lags
theoretical
221
Trade Union Barriers, Wage Rigidity, and Labor Mobility
theoretical
222
Upward and Downward Spirals
theoretical
223
Raising the National Income: The Purchasing Power Argument
theoretical
224
Increasing the Propensity to Consume
theoretical
225
Limits of Higher-Wage Consumption and Shocking Employers into Efficiency
theoretical
226
Energizing the Workers into Increased Efficiency
theoretical
227
Wage-Boost Productivity Claims: Technical Assistance, Forced Costs, and Morale
theoretical
228
Redistributing the National Income: Introductory Claim and Notes
theoretical
229
Gaining—at Whose Expense?
theoretical
230
Real Wages and Labor’s Relative Share
theoretical
231
Labor Income Shares and Business Activity (continued)
theoretical
232
Wage Increases, Monopoly Profits, and Profit Squeezing
theoretical
233
Trade Union Capture of Profits and Resource Allocation
theoretical
234
Raising Wages as Productivity Rises
theoretical
235
Ability-to-Pay Wage Setting and Productivity Limits
theoretical
236
The Unorganized Majority and the Persistence of Short-Run Effects
theoretical
237
Union Wage Pressures: Short-Run versus Long-Run Adjustment
theoretical
238
The Wage Structure: Bargaining Power and Labor Monopoly
theoretical
239
Restricting Labor Supply through Union Controls
theoretical
240
"No Help Wanted": Wage Bargains and Restricted Jobs
theoretical
241
No Help Wanted (continued): Monopolistic Wages as Barriers to Entry
theoretical
242
Natural and Artificial Wage Differentials; Wages in General Are Too Low
theoretical
243
Wages, Employment, Inflation and the Hidden Connection
theoretical
244
The Hidden Connection between Union Wage Increases, Unemployment, and Inflation
theoretical
245
Wage Policies of Trade Unions and Full Employment Policy
theoretical
246
Political Freedom in Jeopardy
theoretical
247
Restraint, Governmental Wage Regulation, Monopoly Reduction, and Poverty
theoretical
248
The Wage Problem under Socialism and Transition to Part V
theoretical
249
Chapter 11: Economic Fact and Theory—Table of Contents and Method Overview
chapter
250
Conceptual Framework for Monopoly and Competition
theoretical
251
Taxonomic and Historical Approaches to Business and Government Policies
essay
252
Theoretical Approach, Abstraction, and the Fact-Theory Distinction
theoretical
253
Facts or Implied Theories: Steel Wages, Steel Prices, and Pseudo-Factual Claims
theoretical
254
Prediction versus Explanation in Economic Methodology
theoretical
255
Hypothetical Predictions and Conditional Forecasts
theoretical
256
Economic Prediction, Policy Evaluation, and Value Judgments (continued)
theoretical
257
Conflicting Values and the Methodology of Measurement
theoretical
258
Fictitious Accuracy in Economic Statistics
theoretical
259
Chapter 12: Measuring the Degree of Monopoly — Outline
chapter
260
Opening Questions and the Desirability of Measuring Monopoly
chapter
261
Degree of Monopoly versus Monopoly Power
chapter
262
The Basic Difficulties of Measuring Monopoly
chapter
263
Possible Criteria for Measuring Monopoly
chapter
264
Numbers and Concentration: Firm Counts and Concentration Ratios
chapter
265
Table I: Concentration of Output in Largest Manufacturing Companies, 1935 and 1947
chapter
266
Initial Interpretation and Limitations of Concentration Indexes
chapter
267
Definitions of Firm and Industry and the Size of the Market
chapter
268
Competition from Outside the Industry and Elasticity Limits on Concentration Measures
chapter
269
The Index of Divergence
chapter
270
The Rate of Profit
chapter
271
The Accounting Rate of Profit
chapter
272
An Adjusted Rate of Profit
chapter
273
Price Inflexibility
chapter
274
The Rigidity of Administered Prices
chapter
275
Frequency and Amplitude of Changes
chapter
276
Comparing the Indexes
chapter
277
Margin Inflexibility
chapter
278
Price-Cost Margins and the Lerner Measure of Monopoly Power
theoretical
279
Objections and Limitations to the Lerner Index
theoretical
280
Changes in the Degree of Monopoly
theoretical
281
Other Measurement Proposals: Kalecki, Rothschild, and Triffin
theoretical
282
Penetration and Insulation
theoretical
283
A Monopolist's Self-Analysis
theoretical
284
Conclusion: Measuring the Degree of Monopoly
theoretical
285
Index: A–C Entries
bibliography
286
Index entries: collective bargaining through Heisenburg
bibliography
287
Index entries: Help Wanted through Monopoly Power
bibliography
288
Index: Monopoly Prices to Slope Ratio of Demand Curves
bibliography
289
Index: Small Business Committee to Wage-Price Spiral
bibliography
290
Index: Wage Rates to Zone Prices
bibliography