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Full-Text Articles in Social and Behavioral Sciences
External Economies And Competitive Equilibrium, George A. Hay, John J. Mcgowan
External Economies And Competitive Equilibrium, George A. Hay, John J. Mcgowan
George A. Hay
In an article published in 1955, Murray Kemp analyzed the case for interference with the competitive allocation of resources when external economies of production are present. In the specific model we are interested in—where the costs of any one producer's operations are affected by the total output of all producers of the same product—Kemp attempted to show that where entry into the industry is closed (although the industry is otherwise perfectly competitive), "there can always be found a subsidy, either on the product or on a particular factor, which will be a sufficient incentive to firms to produce an optimal …
External Economies And Competitive Equilibrium, George A. Hay, John J. Mcgowan
External Economies And Competitive Equilibrium, George A. Hay, John J. Mcgowan
Cornell Law Faculty Publications
In an article published in 1955, Murray Kemp analyzed the case for interference with the competitive allocation of resources when external economies of production are present. In the specific model we are interested in—where the costs of any one producer's operations are affected by the total output of all producers of the same product—Kemp attempted to show that where entry into the industry is closed (although the industry is otherwise perfectly competitive), "there can always be found a subsidy, either on the product or on a particular factor, which will be a sufficient incentive to firms to produce an …