The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Degree of Monopoly

  • Kurt W. Rothschild
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_589

Abstract

If the term ‘monopoly’ is taken in its literal meaning, then there is no room for such a thing as a ‘degree of monopoly’. For ‘monopoly’ means – taking into account the Greek origins of the term – a single seller; and there cannot be any ‘degrees’ of singleness. In fact, all through the 19th and well into the 20th century, economic thinking tended to look at monopoly in this way. Monopoly referred to the market form with a single seller as opposed to Competition, where several firms appear on the market. When the two market forms and their consequences were analysed it was soon realized that the two types were not quite sufficient to cover all decisive elements, and some in-between forms were taken into account as, for instance, in Cournot’s duopoly analysis or in Marshall’s insights into imperfect competition. But all the time monopoly remained more or less unscathed as a clearly defined juxtaposition to competitive market forms.

This is a preview of subscription content, log in to check access

Bibliography

  1. Bain, J.S. 1941. The profit rate as a measure of monopoly power. Quarterly Journal of Economics 55: 271–293.CrossRefGoogle Scholar
  2. Chamberlin, E.H. 1933. The theory of monopolistic competition. Cambridge, MA: Harvard University Press.Google Scholar
  3. Cowling, K. 1978. Monopoly, welfare and distribution. In Contemporary economic analysis, ed. M.J. Artis and A.R. Nobay. London: Croom Helm.Google Scholar
  4. Kalecki, M. 1938. The determinants of the distribution of the national income. Econometrica 6: 97–112.CrossRefGoogle Scholar
  5. Lerner, A.P. 1934. The concept of monopoly and the measurement of monopoly power. Review of Economic Studies 1: 157–175.CrossRefGoogle Scholar
  6. Morgan, T. 1946. A measure of monopoly in selling. Quarterly Journal of Economics 60(3): 461–463.CrossRefGoogle Scholar
  7. Papandreou, A.G. 1949. Market structure and monopoly power. American Economic Review 39: 883–897.Google Scholar
  8. Robinson, J. 1933. The economics of imperfect competition. London: Macmillan.Google Scholar
  9. Rothschild, K.W. 1942. The degree of monopoly. Economica 9: 24–39.CrossRefGoogle Scholar
  10. Triffin, R. 1940. Monopolistic competition and general equilibrium theory. Cambridge, MA: Harvard University Press.Google Scholar
  11. Weintraub, S. 1949. Price theory. New York: Pitman Publishing Corporation.Google Scholar

Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Kurt W. Rothschild
    • 1
  1. 1.