By Lester G. Telser
This publication appears at pageant in a brand new manner. It assaults the concept that festival continually ends up in sturdy effects and that extra festival is best. It additionally assaults the thought that cooperation is usually damaging. an effective financial equilibrium calls for an optimum mix of either cooperation and competition. Telser first examines the genesis of sure past due nineteenth-century legislation that affected festival within the usa. happening to provide new theoretical insights into cooperation and competition, he exhibits whilst unrestricted pageant can result in an effective equilibrium, in addition to whilst regulations on pageant provides for a similar. The tensions among those forces are particularly pertinent to the research of innovation--the extra high priced it truly is to guard the valuables rights of principles, the better is the reliance on secrecy, and accordingly, the much more likely is the wasteful duplication of effects.
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Example text
Some would argue that these results do not necessarily reflect an antirailroad bias. Instead of regarding the ICCA as merely reflecting public sentiment against railroad abuses, Kolko (1965) and MacAvoy (1965) interpret it as favored by 3 The economy after the end of the Civil War 21 the railroads themselves so they could harness the power of government to enforce their cartels. There are several reasons for doubting this interpretation. Anticipating my more detailed argument given below, these are, first, that the act itself did not give the Interstate Commerce Commission (ICC) the power to enforce the rules needed by a railroad cartel even if the commission was inclined to accommodate it; second, the railroad cartels antedated the ICCA; and, third, the individual railroads had divergent interests with respect to the effects of the ICCA and would not all have welcomed ICC-sponsored cartels.
I propose to turn the argument around. The oil trust did not charge high prices because it had 90 percent of the market. It got 90 percent of the refined oil market by charging low prices. This is the way of competition, and it was hard on the rivals of the Standard Oil Company (cf. McGee 1958). Among the first cases brought by the government under the Sherman act included that against the sugar trust (the E. C. Knight case in 1895), two against railroad associations (the Trans-Missouri case in 1892 and the Joint Traffic case in 1896), and a fourth against a cartel of some producers of cast-iron pipe (the Addyston case in 1897).
S. history, perhaps second only to the decade growth rates for 1934 to 1943, and 1944 to 1953. 1). 1. 07 Source: Kendrick 1961, Table A-IV. S. 9 percent per year during this 84-year period. The most rapidly growing sectors were communications and public utilities. These two sectors had growth rates nearly double that of the economy as a whole. Farming and fisheries had the lowest growth rates. Notice that transportation and the post office had high growth rates. Think of the economy as analogous to a living organism.