Long Before the Microsoft Case, Some Commonsense Ideas about
Competition and Monopoly The fears of most economists concerning
the evils of "monopoly" have been unwarranted and certainly
excessive. In the first place, it is very difficult to frame a
satisfactory definition of economic monopoly. If there is only a
single drug store, barber shop, or grocery in a small isolated
town (and this is a typical situation), this store may be said
to be enjoying a monopoly in that town. Again, everybody may be
said to enjoy a monopoly of his own particular qualities or
talents…. On the other hand, nearly all economic monopolies are
limited by the possibility of substitution. If copper piping is
priced too high, consumers can substitute iron or plastics; if
beef is too high, consumers can substitute lamb; if the original
girl of your dreams rejects you, you can always marry somebody
else. Thus, nearly every person, producer, or seller may enjoy a
quasimonopoly within certain inner limits, but very few sellers
are able to