Yes, yes. yes. This is the economics of the economists of the late 19th century, as well as that of Herbert Hoover, who wanted the ceconomy to be regulated by industrial organizations.
The all saw that markets could not work with high capital costs and low fixed costs. Wierdly enough, these same 19th C. economists wrote neoclassical textbooks that taught just the opposite. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail [EMAIL PROTECTED]
