The mere possession of monopoly power, and the concomitant…
“The mere possession of monopoly power, and the concomitant charging of monopoly prices, is not only not unlawful, it is an important element of the free-market system. The opportunity to charge monopoly prices - at least for a short period - is what attracts 'business acumen' in the first place; it induces risk taking that produces innovation and economic growth.”
About This Quote
This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation.
Monopoly power and pricing are legal and essential for market innovation and risk‑taking.
In simple terms: Monopolies can spur innovation.
Key Takeaway
Recognize benefits of competition.
Themes
economics
law
innovation
Mood
analytical
critical
Type
legal
economic
When to use this quote
- business strategy
- regulatory analysis
- entrepreneurship
Key Concepts
market theory
public policy
Questions to Reflect On
- When do monopolies become harmful?
- How to balance innovation with fairness?
A Different Perspective
May harm consumer welfare.