SOURCE: Is my monitor dead?
Power light cycling about every second is a sure sign of a switchmode power supply fault, causing it to repeated shut down and then try to restart. Most often this is the result of failed electrolytic capacitors. Assuming you can get the monitor apart without wrecking it (some can be very difficult to separate), the failed electros will show bulging ends and/or leakage of electrolyte. These are normally a straightforward repair job depending on the extent of damage from the leakage.
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I would replace the monitor because it is 8 years old and prices have dropped considerably.
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