In Praise of Disorganized Labor
As they say in the South, writes Chris Westley, you can stick a fork in organized labor. Its implosion is a reminder that, in the long run, market forces trump state power.
Production Theory
Displaying 521 - 530 of 736
9. Monopoly and Anti-Trust, Monopsony
The Austrians view is that monopoly came about as privilege, usually granted by royalty, given to a particular person or industry. This process is arbitrary and capricious. Free entry is required in capitalism. There cannot be restrictions on entry, as with doctors.
Price, quantity, profit, and deadweight loss are four criticisms of monopolies.
