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Professor Hutt on monopoly policy (1934‐43)
Author(s) -
Yamey Basil S.
Publication year - 1988
Publication title -
managerial and decision economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.288
H-Index - 51
eISSN - 1099-1468
pISSN - 0143-6570
DOI - 10.1002/mde.4090090506
Subject(s) - monopoly , competition (biology) , economics , sovereignty , product (mathematics) , work (physics) , product market , market economy , political science , law , engineering , politics , biology , incentive , mechanical engineering , ecology , geometry , mathematics
This paper outlines and discusses Professor Hutt's Plan for Reconstruction published in 1943. His detailed proposals for removing constraints on competition marked the culmination of his work, over a decade, on the analysis of impediments obstructing the exercise of consumers' sovereignty, and of the reasons why the relevant teachings of economists had been so ineffectual in terms of public policy. This paper concentrates on Hutt's proposals for dealing with restrictive practices, cartels and mergers in product markets, whilst noting that his reforms included labour markets as well as income guarentees in the transitional period to those persons hurt by the release of the economy's productive powers.