"The classical theory of monopolistic pricing (the Cournot-Marshall theory) is not entirely valueless, especially when overhauled so as to deal not only with the instantaneous maximization of monopoly gain but also with maximization over time. But it works with assumptions that are so restrictive as to exclude its direct application to reality. In particular it cannot be used for what it is being used in current teaching, namely, for a comparison between the way in which a purely competitive economy functions and the way in which an economy functions that contains substantial elements of monopoly."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Original Language: English
Available Languages (1)
Sources
Preface to the second edition, 1946
https://en.wikiquote.org/wiki/Capitalism%2C_Socialism_and_Democracy
Revision History
No revisions have been submitted for this quote.
Categories
Capitalism, Socialism and Democracy
34 quotes on TrueQuotesView all quotes by Capitalism, Socialism and Democracy →
Related Quotes
"Love and hate have so blurred the results of such serious work as has so far been done on this question—it is not muc…"
"Current economic theory is almost wholly a theory of the administration of a given industrial apparatus. But much mor…"
"Frank presentation of ominous facts was never more necessary than it is today because we seem to have developed escap…"
"Most of the creations of the intellect or fancy pass away for good after a time that varies between an after-dinner h…"
"However, if Marx had not been more than a purveyor of phraseology, he would be dead by now."
"Geniuses and prophets do not usually excel in professional learning, and their originality, if any, is often due prec…"
"As a matter of fact, capitalist economy is not and cannot be stationary. Nor is it merely expanding in a steady manne…"
"For one thing, to predict the advent of big business was considering the conditions of Marx's day an achievement in i…"
"Any existing structures and all the conditions of doing business are always in a process of change. Every situation i…"
"I felt it my duty to take, and to inflict upon the reader, considerable trouble in order to lead up effectively to my…"