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Essay / Research Paper Abstract
This 7 page paper critically evaluates the view that the social cost of monopoly is significant in the UK. The paper considers some different views of social costs and considers how these may have manifested within the UK. The bibliography cites 5 sources.
Page Count:
7 pages (~225 words per page)
File: TS14_TEsocialcost.rtf
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Unformatted sample text from the term paper:
many of the former monopolies where there has been the liberalisation and/or privatisation of the market as well being paid on areas where there is still a monopoly, or a
virtual monopoly, such as with the National Health Service and the Royal Mail. The general opinion is that monopolies are bad for the consumer or user
as in these circumstances the supplier or producer has total control over the market. The consumer has to accept the prices and conditions set by the company. The way in
which they operated was completely in their control as the consumer had no substitute, the product was perfect inelastic, and as such when prices increased the consumers would have to
continue paying. The only way in which the sector could be influenced was by legislation or government pressure. The arguments against monopolies
were that in having this monopoly there was no incentive to be efficient with their customers money. Therefore many of these monopolistic organisations were wasteful with their resources, and did
not look towards new innovations to gain a competitive edge (Gisser, 1999). They did not need one, this meant that in monopolies the amount spent of research and development was
also less. This left some monopolies which would end up lagging behind technologically other similar industries in other countries where there was not a monopoly. This was also a disadvantage
to the customers as new innovations would often result in better cost savings or other potential advantages. This model assumes that the way in which a monopoly is not effective.
Domah and Pollitt (2001) made a study of the former electricity monopoly and the way that there may have been direct social costs as the result of the industry
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