Natural Monopoly and Its Regulation

Thirty years ago a young assistant professor named Richard Posner asked the question of whether the existence of natural monopoly provides adequate justification for government intervention. His answer was no. The evils of natural monopoly are exaggerated, the effectiveness of regulation in controlling them is highly questionable, and regulation costs a great deal.Thirty years after its initial publication, read the original insights of Richard Posner about the regulation of natural monopoly as well as a new preface in which Posner reflects on the deregulation of industries that has occurred since 1969 and the possibilities for more deregulation in the future.