Some Theory of Vertical Integration
The economic analysis of property rights has origins in institutional economics [see Commons, 1924] and in law studies. So, not surprisingly, many saw this branch of economic theory as alternative to, if not in conflict with, analytical economics. Seldom has an hypothesis been so falsified. The structure of analytical economics has been disassembled and property-rights components have been incorporated into a new, wholly-integrated structure.
Burstein (1984, p. 608)
KeywordsVertical Integration Competitive Equilibrium Spot Market Competitive Industry Natural Monopoly
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