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The definition of the word "Monopoly" is already widely denoted as supply side control: That's obviously too narrow. Someone controlling the demand side could
by stcredzero 7y ago
The definition of the word "Monopoly" is already widely denoted as supply side control:
That's obviously too narrow. Someone controlling the demand side could be just as obnoxious. A company in a company town is in control of the demand side of the labor market, for example.
- bduerst 7y agoSo you think Oxford Dictionary, Wikipedia, and Investopedia are all too narrow with words? Control of the demand side of a market is called a Monopsony, not Monopoly. It's mentioned in the thread above, more info here: https://www.investopedia.com/terms/m/monopsony.asp https://www.investopedia.com/terms/m/monopsony.asp
- stcredzero 7y agoYou are correct, sir! I remember now HN has had this discussion before. However, I think most people would refer to both a Monopsony and Monopoly as the latter.
- kortilla 7y agoNo, that’s not true. People rarely even consider that there is a special term for being the only buyer or controlling all of the buyers. I can’t think of any scenarios where people referred to the military as having a monopoly on the missile market. It doesn’t make sense because it doesn’t even make missiles.
- stcredzero 7y agoI can’t think of any scenarios where people referred to the military as having a monopoly on the missile market. But Farmers being ravaged by middlemen would use that term about the middlemen buying their crops.