Categories
Thought

Eugen von Böhm-Bawerk

Sharing

The monopolist . . . never has unlimited control; he merely has the choice within the laws of price of different “economically possible” price levels. He can select that price at which the combination of profit for each article, and the number of articles to be sold at that price, are likely to promise the greatest total profit, but he cannot exert his “power” in any other way than in conformity with the laws of price, for it is his behavior that establishes the “price law,” namely the conditions of the amount offered at a given price level, but never can he counteract the laws of price.


Eugen von Böhm-Bawerk, “Control or Economic Law,” Zeitschrift für Volkswirtshaft, Sozialpolitik und Verwaltung, Volume XXIII (1914): 205–71; John Richard Mez, Ph.D., translator.

Leave a Reply

Your email address will not be published. Required fields are marked *