Introduction to Harberger’s Monopoly and Resource Allocation–The Pioneering Article on Deadweight Loss and Empirical Measurement of the Social Costs of Monopoly
Introduction to Harberger’s Monopoly and Resource Allocation–The Pioneering Article on Deadweight Loss and Empirical Measurement of the Social Costs of Monopoly
Insight
First Published on Competition Policy International
2009
By Hill Wellford
Arnold Harberger´s 1954 article, Monopoly and Resource Allocation,brought empirical analysis of the social costs of monopoly into the mainstream of antitrust work. In the mid-twentieth century, the dominant mode of monopoly analysis in the United States (and therefore worldwide) was structural rather than empirical, and that structural approach supported a highly interventionist antitrust regime.
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