By Lester G. Telser
This ebook seems to be at festival in a brand new manner. It assaults the inspiration that festival continuously results in reliable effects and that extra pageant is best. It additionally assaults the suggestion that cooperation is often destructive. a good fiscal equilibrium calls for an optimum mixture of either cooperation and competition. Telser first examines the genesis of sure past due nineteenth-century legislation that affected pageant within the usa. happening to offer new theoretical insights into cooperation and competition, he indicates while unrestricted pageant can result in an effective equilibrium, in addition to whilst regulations on festival promises for a similar. The tensions among those forces are specifically pertinent to the research of innovation--the extra expensive it truly is to guard the valuables rights of principles, the better is the reliance on secrecy, and consequently, the much more likely is the wasteful duplication of effects.
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To the educated public of that time Henry Demarest Lloyd (1894) and later Ida Tarbell (1904) were the best known critics. The critic I propose to rescue from obscurity is a professor of economics, C. J. Bullock, who wrote in his survey of the antitrust problem in the Quarterly Journal of Economics (1901) as follows: Partisans of the trusts follow generally one of two methods when presenting statistics of prices. Sometimes they naively quote merely the prices of refined oil from 1872 to the present, and claim for the trust the credit of the reduction.
Then, as always, there was no consensus. Recall, for example, that Congress did not pass unanimously its declaration of war on Japan on December 8, 1941. Different kinds of evidence reveal the nature of prevailing views. These include direct measures of opinion as expressed in publications and by the content of and votes on the acts of Congress. Even when acts are passed nearly unanimously, as is true of the Sherman Antitrust Act of 1890, the percentage of the membership not voting is a significant indicator of divergence of views.
S. economy from 1865 to 1900 41 These empirical results are not the implications of a hypothesis of monopoly pricing by the oil trust. One important point must not be overlooked: the yield of refined oil per barrel of crude. The margin between the refined and the crude price depends on this yield. The higher the yield, the lower the response of the refined price to a unit change in the crude price. Obviously, the size of the margin itself depends on the cost of refining crude oil. This depends not only on the state of technology but also on the characteristics of the crude oil.