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Joan Robinson (1903–1983)
Joan Robinson (1903–1983) was a prominent British economist who gained significant recognition in 1933 for her first major work, The Economics of Imperfect Competition. In this book, she challenged conventional economic thought by developing the analysis of monopolistic competition and is also credited with coining the term 'monopsony'. She was a member of an influential circle of economists at the University of Cambridge who provided feedback to John Maynard Keynes to help refine his seminal 1936 work, The General Theory. Subsequently, in 1937, she authored Introduction to the Theory of Employment, a book designed to make Keynes's theories more understandable for students. Her eminence in the field was acknowledged by Paul Samuelson, a leading 20th-century economist, who in a 1970 letter suggested that Robinson might be the best economist in the world. Despite her acclaimed intellectual contributions, Robinson was never awarded a Nobel Prize, leading to considerable speculation. One suggested reason for this omission is her persistent critique of mainstream economic theories, including pointedly the ideas of Paul Samuelson.
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Social Science
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Economics
Economy
CORE Econ
Introduction to Microeconomics Course
Ch.7 The firm and its customers - The Economy 2.0 Microeconomics @ CORE Econ
The Economy 2.0 Microeconomics @ CORE Econ
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Monopsony
Bargaining Power in Input Purchasing as a Source of Economies of Scale
Difficulty in Measuring Market Power in Two-Sided Markets
Dominant Firm
Demand Elasticity Determines Price-Setting Power
Joan Robinson (1903–1983)
Factors that Increase a Firm's Market Power
Microeconomic Inefficiency from Market Power
Evidence of Rising Market Power and Markups Since the 1980s
Analysis of a Firm's Pricing Influence
A small, isolated town has only one large factory, which employs the vast majority of the local workforce. The factory management recently announced that it will lower wages for all its production line workers, confident that most employees will accept the new terms. Which of the following economic principles best explains the factory's ability to implement this wage change without losing its entire workforce?
Match each business scenario to the primary source of market power it illustrates.
Evaluating the Consequences of Price-Setting Ability
A firm that invests heavily in creating a unique brand identity and product features distinct from its rivals will likely face more pressure to lower its prices to match competitors.
Comparing Market Power in Different Scenarios
A business consultant is evaluating four different companies to determine which one possesses the greatest degree of market power. Based on the descriptions provided, which company is in the strongest position to profitably set its prices significantly above its production costs?
A company develops a revolutionary new production technique that significantly lowers its cost of manufacturing a product that is physically identical to its competitors' offerings. How does this development grant the company market power?
A pharmaceutical company has been the sole producer of a highly effective and widely used patented medication for the past 15 years, allowing it to set a high price and earn substantial profits. Which of the following events would most directly and significantly diminish this company's market power?
Consider two firms. Firm A operates in a market with numerous competitors, selling a standardized product with no significant features distinguishing it from others. Firm B operates in a market with fewer competitors and sells a product with unique, patented features and a strong brand reputation. Which of the following statements accurately analyzes the market power of these two firms?
Monopoly
Two Primary Sources of Market Power
Consequences of Market Power from Product Differentiation
Learn After
Origin of the Term 'Monopsony'
Monopolistic Competition
Introduction to the Theory of Employment (1937)
Speculation over Robinson's Lack of a Nobel Prize
Robinson's Advice on Teaching Economic Systems
Robinson's Critique of the Focus on Relative Price Theory
Source: 'Joan Robinson and Modern Economic Theory' (Feiwel, 1989)
Source: The Economics of Imperfect Competition (1933)