Joseph Schumpeter wrote as follows:
The modern standard of life of the masses evolved during the period of relatively unfettered "big business." If we list the items that enter the modern workman's budget and, from 1899 on, observe the course of their prices, we cannot fail to be struck by the rate of the advance which, considering the spectacular improvement in qualities, seems to have been greater and not smaller than it ever was before. Nor is this all. As soon as we inquire into the individual items in which progress was most conspicuous, the trail leads not to the doors of those firms that work under conditions of comparatively free competition but precisely to the doors of the large concerns-which, as in the case of agricultural machinery, also account for much of the progress in the competitive sector-and a shocking suspicion dawns upon us that big business may have had more to do with creating that standard of life than keeping it down. (Capitalism, Socialism, and Democracy) Use this passage to describe the tradeoff between "static" monopoly inefficiencies and "dynamic" efficiencies of technological change.