IN CONTEXT
Markets and firms
John Stuart Mill (1806–73)
c.330 BCE Aristotle’s Politics describes the impact of a monopoly.
1776 Adam Smith warns of the dangers of monopolies in The Wealth of Nations.
1838 French economist Antoine Cournot analyzes the impact on price of a reduction in the number of firms.
1890 Alfred Marshall develops a model of monopoly.
1982 US economist William Baumol publishes Contestable Markets and the Theory of Industry Structure, redefining the nature of competition.
A monopoly is a situation where one firm has control of a particular market, such as the cell phone market. The firm may be the only supplier ...
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