Monopoly and Competition

In 1792, Thomas Paine sounded a cautionary note about the economics of empire:

Solow seems to have no conception of human action as a process of plan coordination, although he uses Austrian-sounding language at one point in discussing "coordination failure" in the marketplace.

In 1844 Massachusetts resident Lysander Spooner (1808–1887) advertised in the public press the establishment of the American Letter Mail Company.

The goal of our inquiry here is to add weight to the Rothbardian critique of Mises’s theory of monopoly prices. We do so by highlighting the inconsistencies of the latter’s treatment 

In neoclassical theory, product differentiation provides consumers with a variety of different products within a particular industry, rather than a homogeneous product that characterizespurely competitive markets.

Rothbard realizes that the economy is not competitive, that it is shot through with elements of monopoly. The left-wing Chamberlinians used this as a beautiful handle to combine with the Marxists

Recorded at the Mises Institute in Auburn, Alabama, on 24 July 2014.

Recorded at the Mises Institute in Auburn, Alabama, on 22 July 2014.

“Competition policy” is one of those great Orwellian terms that means the opposite of what it seems to mean.

Law and rights do not depend on the dictates of the state. There is growing acceptance of Jeremy Bentham’s dictum that “property is entirely the creature of law.”