Polyopoly

Polyopoly or polypoly (from Greek πολύ poly [many] and πωλεῖν pōleîn [to sell]) is a market situation in which there are no large sellers but many small ones so none of them can influence prices. Therefore a polypoly is often perceived as equivalent to the concept of perfect competition, although strictly speaking the perfect competition also assumes an absence of monopsony (situation where there is only one buyer for a product) and oligopsony (only few buyers for a product). In a polyopoly system wealth, power and production are distributed and localised, rather than centralised. Polyopoly is the reverse of monopoly, where the power and productivity is in the hands of few.

Polyopoly in Microeconomics

The another definition of polyopoly is the form of market in which there is a multiplicity of market participants on (at least) one market side. Hence we can distinguish the three types of polyopoly:

• Supply polypoly - market situation with many smaller suppliers
• Demand polypoly - market situation with many customers
• Bilateral polypoly - combination of previous two types

Each of participants advance their own interests and none of them can influence prices.

Curiosity

There is almost no one who does not know the board game "Monopoly" from 1930'. The objective of this game is to trade properties, and develop them with houses and hotels. In the end there is only one person (the winner) who owns the majority of the city. In 2017 the new board game and app was published to paraphrase 'Monopoly'. Its name is "Polyopoly" and the task is to show the Climate Friendly economic model.

References

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