Frank Knight’s theory of monopoly price has received relatively little attention in the literature on Risk, Uncertainty … and Profit. We argue that Knight accepted and refined the monopoly price theory of Carl Menger and his followers. Knight … highlights the difference between monopoly as an inevitable outcome of departures from perfect competition, and monopoly as a …

There are two views of monopoly within what might be called the broad Austrian camp. According to the Mises …-Kirzner view, monopoly price can exist on the free market, and a necessary part of its definition is a purposeful withholding of … resources on the part of the monopolist. Rothbard, however, defines monopoly as an exclusive government grant of trading …

-- Chapter 7. Competition and Entrepreneurship -- Chapter 8. Competition and Monopoly -- Chapter 9. Theory of the Firm -- Chapter …, individual choice and subjectivism. This textbook attempts to show that all complex phenomena of economic theory such as prices … essence of economic science prevailing in price theory before the 1930s, which the authors’ argue is superior to currently …

determination, and monopoly are also discussed. Through a seamless blend of theory and real-world examples, readers are invited to … Complexity -- 14. Methodological Differences between the Natural and the Social Sciences -- 15. Theory and History -- 16. The … -- 25. The Basic Law of Price Determination -- 26. Cost, Value & Appraisement -- 27. Competition and Monopoly. …