Fconomlc Growth TbdolEd

tuo vithin t'JnM* oJt' f$t oa.div b ede tMi'n uis i" o ef blotu
MiM o'Au of tk wi.U Ml fuEl'E, ircEe @ rews tu'ia b tc t@
TIE Fovisim oa ptrbl'c so.ds such 6jusli@.trd low tnlr outlim rl'e bos of dl6 or
erchonse, mrde to loee, @b&l Efo@ncnl @sE, e ininudm tulfillina lhe snd
objeliv€. The in$itri@s hlv€ snomi.s or $alq hene md elfetiv. if.nforced from
Thft m thEd inFondt implio.tions oi th.s objscrives:
To tulfiu ft. nd objective, spdi$ ruEl ptorEny d8h$ thal ndinid rho Do.opoly Ens
Thh woDld lead to spml. spdificalion oi pspcdy risils for dilieMl s*tions oa si.ly
d€p€ndi.C upon th.t poduction tunction, Ilo*.vc, th* Ents would be inflFned by lh.
exrenr of nvahy fton oiner poremi.l rihls ro moncaolbt. Th. clNI lhc sbslitule, 6e gEater
the b!4aining po*er ol d. egn€nr5, sd tlE hisha oppo.runily csl to norcDoly. He..€,
|he spaifidid of slrqty nshs muld lle d.p.nd uFtr lhc oppo.ru8 osr or 4h
s€snqr The wnh highs opp.duiry @sr weld ha* moE b.rclining po*6 This *ould
ale kad b rstu.l dislribtrtio oasBies dEl lo*r itustiotr @d. A@dingly. nN rh€y
!E ro noE a public s@ds. This *o!ld B!l{ tol oly ii rdopolislic enls ot exFns of
g6w1h ed inirs nvalry b.N€cn rh. rml ed lhe poi.nli.l rule6 ov€r a egDq! but
*ould als cdr. rc.ls for thar egnenl at th. extcnse of the &Smenis *ilh lower oppottutity
The implidrion or rh. sond objectiv. is nol too Sood 6 rhe rul€r. Effioient Drcperly ighls
(th oade lbe privarc 6te ol retoh apDorch lhc s@ial mte) may leld 10 hislEr inore for
the siely bur lower smin8r for th. monoFlist 6 lt cMjes d rhe cosr of monilo.ing dd
collecting L6 e consi.l€mbly high$ ihe ih.* oo* h imincicnl poperty rigl s.