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

although the model 
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 
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 
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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