Econ
Identify the name of the person who originated the idea of "monopsony" and explain her idea?
Joan Robinson (1903-1983) developed the monopsony model. While others in the field of imperfect competition were focusing on the monopoly power of sellers, Robinson developed the model for a single buyer. She developed the graphical textbook model of how a single hirer of labor could pay a lower-than-competitive-wage and still attract the profit-maximizing quantity of labor.
As an economist, Robinson had an eclectic career. Not only did she address a wide variety of issues, her philosophical approach to economics changed dramatically. Robinson started her professional life as a neoclassical economist, studying under Alfred Marshall at Cambridge University. As her career progressed, she became a contributor to the more liberal Keynesian economics and ultimately to the somewhat radical post-Keynesian economics.
In addition to her theoretical contributions, Robinson actively engaged in the......
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