A subtler critique is a point Richard Posner raised in 1975, namely that the welfare cost of monopoly should include all monopoly profits as well as Harberger's triangle.
The Chicago Boys (c. 1970s) were a group of young male, mostly Chilean economists, the majority of whom trained at the Department of Economics of the University of Chicago under Milton Friedman and Arnold Harberger, or at its affiliate in the economics department at the Catholic University of Chile.
Arnold Harberger is another economist who made strong headway in the area of optimal taxation and whose theory has become a commonly used one for policy makers in the area of corporation income tax.
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