Tuesday, November 20, 2007

In Defence of Monoply?!

Is monopoly worth defending, these two economists say yes in this forthcoming book. And here is what Gordon Tullock has to say about the book.

"Denouncing monopolies is a standard part of most elementary economics courses. These two authors are attempting to start a revolution by arguing that permitting people introduced new products to have a monopoly even if the creation is not patentable. At first this seemed simply bizarre, but reading the book convinced me they were right. This is one of the many cases where governments have gone astray. This is, however, unusual in that most economists have made the same error. They changed my mind. In view of the strength of their arguments and their clear reasoning I anticipate a revolution in teaching economics. It should also make a revolution in the thinking of many economists."--- Gordon Tullock, University Professor of Law and Economics, George Mason University

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