Monopsony Theory Revisited

TitreMonopsony Theory Revisited
Type de publicationChapitre d'ouvrage
Année de publication2018
Titre de l'ouvrageThe Economic Theory of Costs: Foundations and New Directions
CollectionRoutledge Frontiers of Political Economy
Auteur(s)Méra, X.
VilleNew York, USA
Numéro ISBN978-1-138-67093-8
Mots-clésmonopoly, monopsony

Standard monopsony theory, old and new, lacks a realistic criterion to distinguish between monopsony and competitive prices. Consequently, prominent Austrian critics have by and large dismissed it. However, the idea that human action occurs in discrete steps, and consequently that the elasticity of the supply schedules of the factors of production, as well as the elasticity of the demand schedules for their products, can be altered as a result of coercion, lead to a theory of "monopoly price-gap", with monopoly and monopsony prices as two features of the same phenomenon.