The presence of a "natural monopoly" is supposed to be a sufficient reason for government to intervene in the economy. But what if there truly is no such thing as a "natural monopoly"?
South Africa is suffering from rolling blackouts and other power outages. These could be avoided if the government would permit competition in electricity markets.
Neoclassical economists have a rigid view of monopoly producers. Austrians recognize that the only monopolies that create problems have been nurtured by government intervention.
We're now hearing many calls for more antitrust legislation applied to Big Tech because these firms are allegedly monopolies. But old-fashioned antitrust was a disaster, as will be new efforts against tech companies.
