Monopoly and Public Policy

A N Oza LAST month some thirty to forty economists met in Bombay to discuss Monopoly and Public Policy at a three- day all-India seminar organised by the Centre for Advanced Studies in Economics of Bombay University. The seminar was held at least two years too late. The Monopolies and Restrictive Trade Practices Act had already been passed a month earlier. And, considering the fact that there was a lapse of about three years between the introduction of the Bill in Parliament and its enactment, the academicians have woken up too late for their criticisms and suggestions to influence the anti- monopoly legislation. This once again confirms that our academicians prefer ex-post to ex-ante analysis of Government policies. No wonder then that, despite all their expertise, academic economists have failed to have much influence on economic policy or legislation. Having said that it must be added that it is nevertheless creditable that at least one university thought it fit to discuss problems of anti-monopoly legislation before the new Act is actually implemented.