This man famously wrote that "the best of all monopoly profits is a quiet life" to defend his theory that firms with market power often operate inefficiently when there is no competition.
This man famously wrote that "the best of all monopoly profits is a quiet life" to defend his theory that firms with market power often operate inefficiently when there is no competition. In his best known work, he introduces the ideas of "composite commodities" and what he referred to as "temporary equilibrium." In addition to writing that work, (*) Value and Capital, he created a namesake synthesis of classical and Keynesian economics and introduced the idea of the liquidity trap. This British economist developed an IS-LM model named for himself and Alvin Hansen. This man co-names a situation where no actor can be made better off even if they are allowed to compensate others with Kaldor. For 10 points, name this economist who names a type of demand with fixed utility, often contrasted with Marshellian demand.
This man famously wrote that "the best of all monopoly profits is a quiet life" to defend his theory that firms with market power often operate inefficiently when there is no competition.
John Richard {Hicks}