{"product_id":"in-defense-of-monopoly-richard-b-mckenzie-9780472116157","title":"In Defense of Monopoly: How Market Power Fosters Creative Production","description":"\u003cp\u003e\u003ci\u003eIn Defense of Monopoly\u003c\/i\u003e offers an unconventional but empirically grounded argument in favor of market monopolies. Authors McKenzie and Lee claim that conventional, static models exaggerate the harm done by real-world monopolies, and they show why some degree of monopoly presence is necessary to maximize the improvement of human welfare over time. \u003c\/p\u003e\u003cp\u003eInspired by Joseph Schumpeter's suggestion that market imperfections can drive an economy's long-term progress, \u003ci\u003eIn Defense of Monopoly\u003c\/i\u003e defies conventional assumptions to show readers why an economic system's failure to efficiently allocate its resources is actually a necessary precondition for maximizing the system's long-term performance: the perfectly fluid, competitive economy idealized by most economists is decidedly inferior to one characterized by market entry and exit restrictions or costs.\u003c\/p\u003e\u003cp\u003eAn economy is not a board game in which players compete for a limited number of properties, nor is it much like the kind of blackboard games that economists use to develop their monopoly models. As McKenzie and Lee demonstrate, the creation of goods and services in the real world requires not only competition but the prospect of gains beyond a normal competitive rate of return. \u003c\/p\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eAuthor:\u003c\/b\u003e Richard B. McKenzie,Dwight R. Lee\u003cbr\u003e\u003cb\u003eISBN-10:\u003c\/b\u003e 0472116150\u003cbr\u003e\u003cb\u003eISBN-13:\u003c\/b\u003e 9780472116157\u003cbr\u003e\u003cb\u003ePublisher:\u003c\/b\u003e University of Michigan Press\u003cbr\u003e\u003cb\u003eLanguage:\u003c\/b\u003e English\u003cbr\u003e\u003cb\u003ePublished:\u003c\/b\u003e 02\/01\/2008\u003cbr\u003e\u003cb\u003ePages:\u003c\/b\u003e 320\u003cbr\u003e\u003cb\u003eFormat:\u003c\/b\u003e Hardcover\u003cbr\u003e\u003cb\u003eWeight:\u003c\/b\u003e 1.28lbs\u003cbr\u003e\u003cb\u003eSize:\u003c\/b\u003e 9.09h x 6.35w x 1.03d","brand":"Richard B. McKenzie","offers":[{"title":"Hardcover","offer_id":48086705897727,"sku":"9780472116157","price":49.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0662\/2982\/9887\/files\/img_19c5da33-6806-466e-bb79-c5cc2634bd02.jpg?v=1769096105","url":"https:\/\/www.whiterainbookhouse.com\/products\/in-defense-of-monopoly-richard-b-mckenzie-9780472116157","provider":"WR Book House","version":"1.0","type":"link"}