Retrospectives: Fixed Capital, Railroad Economics and the Critique of the Market
回顾了19世纪末美国铁路行业因固定成本远高于边际成本而陷入竞争性破产的历史，指出这促使许多著名经济学家反对自由放任、支持托拉斯和垄断，并创立美国经济学会以对抗主流理论。
Where average fixed costs are large compared to marginal costs, competition will drive industry into bankruptcy. During the last century, the chaos that competition created within the railroad industry caused many prominent U.S. economists to reject the market in favor of trusts, cartels, and monopolies. They created the American Economic Association to counter the prevailing laissez faire theory. Nonetheless, some, such as J. B. Clark, still wrote in favor of abstract laissez to counter socialist and populist agitation.