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Saul Levmore: Monopolies as an Introduction to Economics

Surpluses and deadweight loss created by monopoly price setting. A monopoly firm set prices at where marginal cost equals marginal return, instead of marginal cost equals price, implying a higher revenue for the firm and a loss for consumers. Credit: Silverstar.

Do Not Pass Go, Do Not Collect $200: Monopolies as an Introduction to Economics

Saul Levmore, William B. Graham Distinguished Professor of Law at The University of Chicago

In the study of economics, the big questions recapitulate the little ones. If you think about the cost of a chocolate chip cookie or how airline ticket pricing works and you do so rigorously with an inquisitive mind, you will soon enough gain insight into how the whole world really operates. From the basics of pricing, demand, and competition to global politics and the future of government, Professor Levmore makes it easy to see economics at work all around us.

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