IO: Untold

IO stands for Industrial Organization, and covers anything concerning firm behaviors. This ostensibly massive area of research is nothing but the Imperfect Competition or Monopolistic Competition theory by Joan Robinson and Edward Chamberlin.The theory by Robinson and Chamberlin is about market structure, which can be perfect competition, imperfect competition, and monopoly. Imperfect competition, which is also called monopolistic competition, covers duopoly and oligopoly. Because of its great variety, there must be many issues to be handled. Therefore, all IO textbooks are very massive. This volume dismantles the Robinson-Chamberlin theory. It proves that their demand curve does not exist, and that the decreasing part of the U-curve belongs somewhere else. All theories about market structure and IO must be rewritten.