George Ward Stocking Sr. (September 24, 1892 – June 7, 1975) was an American economist, who was one of the pioneers of industrial organization and an early writer on international cartels.
Stocking was a pioneering economist of industrial organization. Stocking's most enduring research was published in three volumes: Cartels in Action (1946), Cartels or Competition? (1948), and Monopoly and Free Enterprise (1951). The first two volumes were seminal works in the field of empirical studies of price-fixingcartels; in them Stocking synthesized lavish quantitative and qualitative data on international cartels in eight markets that demonstrated their internal mechanisms, pervasiveness in the economy, and effects on industrial performance. The third volume addressed the problems of market power in the U.S. economy and public policies to ensure the benefits of free enterprise.
Stocking's first book was an empirical study of competition in the petroleum industry, in which he had worked as a "roughneck" in the oil fields of western Texas. While teaching at the University of Texas, Stocking had his first taste of public service as a member of the Consumer Advisory Board of the National Recovery Administration (NRA) in the mid-1930s, where he observed the destructive effects of the brief U.S. legalization of industrial cartels.
When the antitrust laws were reinstated after about 1937, Stocking served through the early 1940s as an economic adviser to the great head of the Antitrust Division of the Department of Justice, Thurman Arnold. It was Arnold who initiated for the first time a large number of successful U.S. criminal prosecutions of international cartels in the mid-1940s. Information from these prosecutions and from Congressional investigations of the nefarious roles played by cartels in facilitating the economic policies of national socialism formed the basis of Stocking's two landmark books on international price-fixing cartels.
In the 1950s, Stocking was involved in several issues that had lasting effects on antitrust enforcement. Perhaps Stocking's best-known journal article was a 1955 article in the American Economic Review that addressed what is now known as the "Cellophane Paradox." In research on the DuPont company arising from his student's (Willard F. Mueller) Ph.D. dissertation, Stocking and Mueller pointed out the error of mistaking a monopolist's inability to exercise market power by raising price above the current price for an inability to have already exercised market power by raising price significantly above the competitive price. Courts that use a monopolized product's elevated market price will typically misconstrue a completed anticompetitive act as a lack of market power. A second issue addressed by Stocking was the extent to which concepts of "workable competition" and the "rule of reason" should be employed in antitrust enforcement.
Selected published worksedit
(1946), Cartels In Action (with M.W. Watkins) (Twentieth Century Fund, New York).
(1948), with M. W. Watkins (1948). Cartels or competition?: the economics of international controls by business and government. New York: Twentieth Century Fund.
(1951), Monopoly and Free Enterprise (with M.W. Watkins) (Twentieth Century Fund, New York).
(1955), 'The Cellophane case and the new competition' (with W.F. Mueller), American Economic Review 65, March, 29–63.[2]
(1955), 'The Attorney General's Committee report: A businessman's guide through antitrust', Georgetown Law Review 44(1), November, 1–57.
(1961), Workable Competition and Antitrust Policy. Nashville, Tenn.: Vanderbilt University Press. 1961. ISBN9780826510587.
^Stocking, George W.; Willard F. Mueller (1955). "The Cellophane Case and the New Competition". The American Economic Review. 45 (1): 29–63. JSTOR 1811582.
External linksedit
H. W. de Jong; William G. Shepherd, eds. (2007). Pioneers of Industrial Organization: How the Economics of Competition and Monopoly Took Shape. Edward Elgar Publishing. ISBN978-1843764342.
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This article needs additional citations for verification Please help improve this article by adding citations to reliable sources Unsourced material may be challenged and removed Find sources George W Stocking Sr news newspapers books scholar JSTOR December 2009 Learn how and when to remove this message George Ward Stocking Sr September 24 1892 June 7 1975 was an American economist who was one of the pioneers of industrial organization and an early writer on international cartels George W Stocking Sr Born 1892 09 24 September 24 1892Clarendon TexasDiedJune 7 1975 1975 06 07 aged 82 NationalityAmericanAcademic careerInstitutionUniversity of Texas at AustinFieldIndustrial organizationSchool ortraditionInstitutionalismAlma materColumbia UniversityUniversity of Texas at AustinClarendon CollegeDoctoraladvisorThorstein VeblenWesley Clair Mitchell After completing a Ph D degree from Columbia University in 1925 he was professor of economics at the University of Texas at Austin from 1926 to 1947 During 1933 1943 he held several positions with the federal government including the Antitrust Division of the U S Department of Justice where he advised Attorney General Thurman Arnold He founded and was professor and chair of the Department of Economics at Vanderbilt University in 1947 where he remained from 1947 to 1963 He was elected president of the Southern Economic Association in 1952 and of the American Economic Association in 1958 1 Stocking was a pioneering economist of industrial organization Stocking s most enduring research was published in three volumes Cartels in Action 1946 Cartels or Competition 1948 and Monopoly and Free Enterprise 1951 The first two volumes were seminal works in the field of empirical studies of price fixing cartels in them Stocking synthesized lavish quantitative and qualitative data on international cartels in eight markets that demonstrated their internal mechanisms pervasiveness in the economy and effects on industrial performance The third volume addressed the problems of market power in the U S economy and public policies to ensure the benefits of free enterprise Contents 1 Education 2 Career 3 Selected published works 4 References 5 External linksEducation editStocking graduated from Clarendon College in Texas BA 1918 the University of Texas BA 1918 MA 1921 and Columbia University Ph D 1925 His mentors at Columbia were Thorstein Veblen and Wesley Clair Mitchell Career editStocking s first book was an empirical study of competition in the petroleum industry in which he had worked as a roughneck in the oil fields of western Texas While teaching at the University of Texas Stocking had his first taste of public service as a member of the Consumer Advisory Board of the National Recovery Administration NRA in the mid 1930s where he observed the destructive effects of the brief U S legalization of industrial cartels When the antitrust laws were reinstated after about 1937 Stocking served through the early 1940s as an economic adviser to the great head of the Antitrust Division of the Department of Justice Thurman Arnold It was Arnold who initiated for the first time a large number of successful U S criminal prosecutions of international cartels in the mid 1940s Information from these prosecutions and from Congressional investigations of the nefarious roles played by cartels in facilitating the economic policies of national socialism formed the basis of Stocking s two landmark books on international price fixing cartels In the 1950s Stocking was involved in several issues that had lasting effects on antitrust enforcement Perhaps Stocking s best known journal article was a 1955 article in the American Economic Review that addressed what is now known as the Cellophane Paradox In research on the DuPont company arising from his student s Willard F Mueller Ph D dissertation Stocking and Mueller pointed out the error of mistaking a monopolist s inability to exercise market power by raising price above the current price for an inability to have already exercised market power by raising price significantly above the competitive price Courts that use a monopolized product s elevated market price will typically misconstrue a completed anticompetitive act as a lack of market power A second issue addressed by Stocking was the extent to which concepts of workable competition and the rule of reason should be employed in antitrust enforcement Selected published works edit 1946 Cartels In Action with M W Watkins Twentieth Century Fund New York 1948 with M W Watkins 1948 Cartels or competition the economics of international controls by business and government New York Twentieth Century Fund 1951 Monopoly and Free Enterprise with M W Watkins Twentieth Century Fund New York 1955 The Cellophane case and the new competition with W F Mueller American Economic Review 65 March 29 63 2 1955 The Attorney General s Committee report A businessman s guide through antitrust Georgetown Law Review 44 1 November 1 57 1961 Workable Competition and Antitrust Policy Nashville Tenn Vanderbilt University Press 1961 ISBN 9780826510587 References edit In Memoriam George W Stocking 1892 1975 American Economic Review 66 3 453 454 1976 JSTOR 1828185 Stocking George W Willard F Mueller 1955 The Cellophane Case and the New Competition The American Economic Review 45 1 29 63 JSTOR 1811582 External links editH W de Jong William G Shepherd eds 2007 Pioneers of Industrial Organization How the Economics of Competition and Monopoly Took Shape Edward Elgar Publishing ISBN 978 1843764342 George Ward Stocking papers at the American Heritage Center Retrieved from https en wikipedia org w index php title George W Stocking Sr amp oldid 1214900000, wikipedia, wiki, book, books, library,
