A FEW REMARKS ON MONOPOLY AND MONOPSONY

A FEW REMARKS ON MONOPOLY AND MONOPSONY

Sylos Labini's essay is devoted to the analysis of price determination under condition of monopoly and monopsony. The problem of price indeterminacy in case of bilateral monopoly (associated with monopsony) is thoroughly discussed in relation to the market for goods and factors of production. T...

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Bibliographic Details
Published in:Rivista internazionale di scienze sociali Vol. 121; no. 3/4; pp. 387 - 403
Main Author: Labini, Paolo Sylos
Format: Journal Article
Language:English
Published: Vita e Pensiero 2013
Subjects:
Economic competition
Elasticity of demand
Employment
Equilibrium
Income elasticity of demand
Marginal costs
Marginal utility
Market
Monopolies
Monopoly
Monopsony
Prices
Production
Supply
Total costs
Unemployed
Unemployment
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Summary:Sylos Labini's essay is devoted to the analysis of price determination under condition of monopoly and monopsony. The problem of price indeterminacy in case of bilateral monopoly (associated with monopsony) is thoroughly discussed in relation to the market for goods and factors of production. The various cases are examined by assuming the hypothesis of 'contracting parties' ignorance of each other's price elasticities. In the last two sections of the paper, the A. make use of his analysis of monopoly and monopsony to dismiss the 'Classical' argument that a perfect wage flexibility can bring about a full employment equilibrium and offers his own interpretation of Keynes's underemployment equilibrium grounded not on monetary factors but upon market structures. Sylos Labini offers a fresh perspective on the issues he was about to present in his major work Oligopolio e Progresso Tecnico (1956).
Bibliography:ObjectType-Article-2
SourceType-Scholarly Journals-1
ObjectType-Feature-1
content type line 23
ISSN:0035-676X
1827-7918
DOI:10.1400/219066