Representatives of the neo-Austrian school L. Mises and F. Hayek refused to recognize the equilibrium approach as the main method of analyzing economic phenomena, and the search for equilibrium conditions – the main task of economic theory. In Hayek’s views on competition, the most interesting are: comparative characteristics of the competitive mechanism and the mechanism […]
Tag: Firm
The Protection of Monopoly in the Theories of J. Schumpeter and D.C. Galbraith
At the beginning of the XX century, the Austrian economist I. Schumpeter showed that a monopoly can be a good for society. Under certain conditions, there can be an effective monopoly and effective competition. These ideas are set forth in his works: “Capitalism, Socialism and Democracy”, “Theory of Economic Development”, etc. I. Schumpeter believed that […]