When the government manipulated and misused the robber barons
Economists from Adam Smith on have written about the evils and dislocations that monopolies bring to an economy. What has been much less written about over the years, however, are the evils of monopsony.
In the interest of saving wear and tear on three hundred thousand dictionaries, let me hasten to offer a definition. A monopoly is any entity that effectively controls the supply of a commodity. A monopsony, on the other hand, controls the total demand for a commodity. Read more »