Now, in practice, this is not the only problem facing two firms who are
trying to produce the monopoly output. In practice, when firms try and
have these agreements, which are not contracts, to try and produce joint
monopoly output, what else goes wrong? So you can imagine some firms
trying to have an agreement. We know they can't sign a legal agreement,
but let's take that off the table. So, for example, in around 1900 in
America or a little bit earlier, let's say 1880 in America, it really
isn't clear that it was illegal to write agreements to say we'll
restrict quantities. So firms did use to write that kind of agreements,
but still something went wrong. What went wrong? So we're getting a
little bit further away from the game and more back into the real world.
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李小梁Jadon Lee
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