O'Reilly logo

The Economics Book by DK

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

RG

IN CONTEXT

FOCUS

Markets and firms

KEY THINKER

John Stuart Mill (1806–73)

BEFORE

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.

AFTER

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 ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required