February 8, 2008
New book challenges notion that monopolies have no redeeming virtue
Richard McKenzie, professor of economics and public policy at UC Irvine’s Paul Merage School of Business, has written a new…
Richard McKenzie, professor of economics and public policy at UC Irvine’s Paul Merage School of Business, has written a new book released today called In Defense of Monopoly: How Market Power Fosters Creative Production. The work, published by The University of Michigan Press, argues that conventional models exaggerate the harm perpetrated by real-world monopolies, and also shows why a degree of monopoly is necessary to maximize the improvement of human welfare over time. McKenzie’s co-author, Dwight Lee, is a professor of economics at the University of Georgia.