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In the Papers and Proceedings of the Fortyeighth Meeting of the American Economic Association, Donald H. Wallace (1936 p. 83) proposed a research program that proved visionary:“The nature and extent of barriers to free entry needs thorough study.” Fifteen years later, Joe S. Bain published a book that was the first thorough study of entry barriers. In this book, Bain (1956) defined an entry barrier as anything that allows incumbents to earn above-normal profits without inducing entry. He believed that economies of scale and capital requirements meet his definition because they seem to be positively correlated with high profits. George J. Stigler (1968) later defined an entry barrier as a cost advantage of incumbents over entrants. With equal access to technology, scale economies are not an entry barrier according to this definition, and neither are capital requirements, unless incumbents never paid them.

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