This note gives a method that can sometimes be used to find the long-run equilibrium output of a firm operating under imperfect competition and which differs from standard methods of output determination. Let X be a product supplied under oligopoly or monopolistic competition and suppose that,...

Part of Introduction: Firms in market economies compete along several dimensions other than price, and some economists have considered non-price competition to be more important, even to constitute the essence of capitalism. Schumpeter (1950) was notable among the latter, but the past...

Using an extension of a standard rent-seeking model, this paper shows that "inclusiveness", as defined and measured in the text, is the property of a political system that motivates government to deter destructive rent seeking. Highly-inclusive polities are likely to be democracies since...

This paper examines the problem of sustaining economic growth in light of the dangers that rent seeking poses for growth. Three types of growth are identified, and each is linked to an economic system. While any of the three may persist for a time, only one can be permanently sustained....

This paper deals with the problem of achieving growth that will sustain itself over the long term, viewed from the standpoint of the sources of economic growth, the limits to growth, and how growth is affected by government policy choices, as well as the nature of the economy and the nature of...

This note argues that, broadly speaking, democracies have a comparative advantage over dictatorships in keeping rent-seeking costs down by imposing penalties that reduce returns to scale in rent-seeking. Dictatorships have a comparative advantage in restricting the number of rent-seekers through...

This paper gives a revised theory of monopoly, on the assumption that the monopolist receives political favours in exchange for extending political support. In one case, the monopoly profit just equals the value of the monopoly's contribution to the government's support. Monopoly output may be...