Monopoly and Competition

Nothing so threatened the interests of this emerging industrial order as the free play of market forces at work in an environment of legally unrestrained competition.

Have you ever wondered why the “tiny ship” famously tossed in the opening credits of Gilligan’s Island was named the SS Minnow?

Any diamond that enters the market must be certified by the WDC; those that aren't are considered conflict diamonds, and the individuals involved are prosecuted. Regulatory authority is used to control the global supply and price.

Is there an alternative to this Big Brother approach to managing homeland security? I think there is: private defense agencies offering competitive services on an open market.

Hayek noticed that the British habit of proclaiming compromise to be ingenious is an excuse for closing the eyes to unpleasant facts. If there is anyone who is not entitled to put his trust in the genius for compromise and for muddling through, it is the modern planner.

Give away what isn't scarce, and make what is scarce — live performance — truly scarce and unique. Sell service and upgrades, and always foster loyalty.

Austrian critique of mainstream analysis of monopoly, monopsony, and perfect competition; the logical contradictions of anti-trust law.

"The direction of the future, of progress, is towards more abundance and prosperity and wealth. It is obscene to undermine the glorious operation of the market in producing wealth and abundance by imposing artificial scarcity on human knowledge and learning."

Recorded at Mises University 2010. Includes an introduction by Mark Thornton.