In Maury Klein’s paper He blames the failure of the railroad industry on governments over reliance on competition as the mechanism to deliver goods to society. At one point he quotes Charles Adams. Given your understanding of regulation and the industries it is typically applied too, what do you think Charles Adams meant when he said what is in the quote below? Can you illustrate this graphically? The basis of the whole transportation problem, he declared, was that “competition and the cheapest possible transportation are wholly incompatible.” How many types of discrimination did Klein identify? what were they? Since railroads were local monopolies they could not go bankrupt?
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maury klein s paper was first posted on June 27, 2020 at 5:03 am.
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