Re: Keynes and competition

["Gunnar Tomasson" <tomasson@xxxxxxxx>]

Re. the following:

> Unfortunately, while economists recognize this
> circumstantial characteristic of monopoly and the associated
> certainty that monopoly is not limited to large scale
> control, they then ignore this certainty and proceed to
> disparage the condition as one detrimental to society. All I
> am doing is bringing the definition back to its essential
> characteristic, namely, the essential element of economics
> in that only items monopolized can have economic value. All
> else is free, the true opposite state from monopoly, not the
> pretended opposite of competition.

If memory serves me correctly, Alfred Marshall gradually came to embrace the
notion that "rent" is an element in all market prices - that, as John Stuart
Mill concluded in his *Principles* (in my summary statement thereof) that
all market prices are a function of place, time, and circumstance.

Gunnar