1992•Fortnightly; (United States)Requires access

Natural monopolies: Accepting the truth

C.E. Bayless

Abstract

Advances in technology have left utilities without their [open quotes]natural[close quotes] monopoly status in many areas. The time has come to eliminate regulation and embrace competition. The author examines the economics behind granting monopolies to electric utilities and finds that many of the old assumptions are no longer valid. He advocates the building of small units over extended periods of time, in order to serve customers better and compete in the free market.

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Key concepts: Natural monopoly, Monopoly, Competition (biology), Order (exchange), Natural (archaeology), Economics, Law and economics, Market economy