… we should try to make the self-interest of cads a little more coincident with that of decent peopleīuchanan’s simple idea is that if a monopoly restricts the output of goods, a standard analytical result, then it must also restrict the output of bads! Buchanan end’s his paper with:

James Buchanan started his 1973 paper ‘A defence of organised crime?’ quoting Samuel Butler:

Do monopoly concessions such as for casinos and the TAB increase or decrease gambling? Is the under-supply of output by a monopoly a good or a bad thing when the good itself is seen as a bad.