Monopoly, value, and investment : some problems in the theory of monopoly

Abstract

This Introduction is by way of explanation and apology. First, let us treat of the explanation. In the following pages will be found what at first sight must appear an odd assortment of topics, an assortment not easily reconciled in terms of traditional pedagogical classifications. True, they have one thing in common; they all deal with some aspect of monopoly theory. But they also have a contextual unity and perhaps it will help to see the matters dealt with here in perspective, if we briefly outline the context in which they have arisen. Ultimately, the writer is concerned with the effects of monopoly upon economic growth, with determining whether monopoly represents the "hardening of capitalism's arteries” as suggested by Marxists and secular stagnationists, or whether monopoly gives capitalism new direction, "planning" and stability as argued by others, whether it tends to neutralize itself by the development of "countervailing power", or whether it is merely unimportant one way or the other, as often seems to be implied. Show more