Some Theory of Vertical Integration

  • M. L. Burstein


This study stems from 1979–80 studies of California-based electrical generating, transmission and distribution operations. Until then, my approach had been quite strictly ‘price theoretic’; property-rights analysis was peripheral for my work. But, by 1984, transactions-orientated property-rights analyses had impressed me deeply:

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)


Vertical Integration Competitive Equilibrium Spot Market Competitive Industry Natural Monopoly 
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© M. L. Burstein 1988

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  • M. L. Burstein

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