Price Takers' Plenty in a Model of Pure Capitalism.

Scitovsky, Tibor

Bibliografische Daten

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Dokumentenart:: Sammelstück

Sammlung:: Nachlass Josef Steindl

Titel:: Price Takers' Plenty in a Model of Pure Capitalism.

Autor/in:: Scitovsky, Tibor

Art/Umfang:: Kopie eines Typoskripts, 27 Blätter, mit handschriftlicher Korrektur und Korrektur mit Korrekturfolie, Paginierung von 5.1-5.20 und von 3.21-3.26

Erscheinungsjahr:: 1983

Datierung der Vorlage:: [November 1983]

Sprache:: Englisch

Anmerkung:: Draft.

Bezugswerk:: Scitovsky, Tibor: Pricetakers' Plenty: A Neglected Benefit of Capitalism. In: Kyklos, Dec 1985, Vol. 38 Issue 4, S. 517-516

JEL Klassifikation:: D41 [Market Structure, Pricing, and Design: Perfect Competition]

Signatur:: S/M.33.7

Nutzungsrechte:: Rechte vorbehalten

Zugriff:: Freier Zugriff

although the model to I have said next A nothing about prices, although the model is useful, and I have used it for showing the asymmetrical flexibility of prices and the inflationary transmission of price changes from the input to the output side. But I should like to stop here and spend th rest of my time to relate the model to the standard approach and discuss a practical proposal for recapturing some of the lost advantages of pure capitalism vd.th.out their accompanying drawbacks. First of all, however, I must fill a gap I left open and discuss those drawbacks. Having discussed all the benefits that the exploited price takers get out of being exploited, it is high time that I should also say something about the drawbacks of being exploited. I have nothing new to say r however, on the redistributional effect of monopoly and monopsony power, and merely want to recall that it can be limited either by competition among the themselves monopolists and monopsonists/or by the countervailing power of monopsonists and monopolists on the other side of the market. Its importance is hard to assess in quantitative terms; but it is worth noting that in the United Kingdom, which is the only country with reliable statistics on income distribution that go back in time to ’well over a century, the share of capital in the part of the GNP generated by the private sector has been almost halved, having fallen from a little less than half of the private-sector GNP in the l8pOs to abount one quarter by the IpSOs. From all I know about the trend of industrial concentration, I would attribute most of that fall to the gradual increase of labor's countervailing power, exerted not only by unions but. also on the political level and, most important perhaps, by the

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