Economic theory tends to ,glorify perfect competition as the most efficient market structure. Imperfeet competitors, by contrast. set prices too high.
earn supernormal, profits, and neglect product quality. This dismal view of monopoly was challenged by one of the great economists of this century. Joseph Schumpeter. He argued that the essence of economic development is innovation and that monopolists in fact are the wellsprings of innovation in a
capitalist economy.

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