Short essay question
In his article, Harberger concludes that: “Our economy emphatically does not seem to be a monopoly capitalism in big red letters” (page 87). On the basis of your understanding of Harberger’s analysis, you are to critically assess this conclusion. Is it warranted, in that it follows logically from his study? To what extent does the conclusion depend on the particular assumptions and compar- isons he makes? Also, is the estimate of the welfare loss really conservative, as Harberger claims, or maybe also here and there rather downwardly biased by his research approach? You are to explain your answers in a fluent review article of the paper.
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