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- W96698457 abstract "This chapter discusses business structure, competition, and public policy. Few economists are satisfied with all aspects of antitrust policy, but most observers believe that it has exerted a positive influence on competitive markets. A modern industrial economy, such as that of the United States, is composed of two major sectors: (1) the market system, which is influenced by competition, and (2) the planning system, which is characterized by monopolistic power. The large firms in the planning sector, particularly those in concentrated industries, are able to use their power to control demand, input prices, and government policy. Therefore, earning average profits or profits even a bit above average is not a big concern for them. Firms in the planning sector are characterized by overdevelopment. After a target profit level has been attained, the monopoly power of planning firms is used to fuel their growth. Government policy in the area of competition is contradictory. The antitrust legislation promotes competition. However, economic policy on tariffs and other trade barriers, industrial regulation, occupational licensing, and small-business regulation has been inconsistent with the objective of competitive markets." @default.
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- W96698457 date "1980-01-01" @default.
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- W96698457 title "BUSINESS STRUCTURE, COMPETITION, AND PUBLIC POLICY" @default.
- W96698457 doi "https://doi.org/10.1016/b978-0-12-311040-4.50030-3" @default.
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