A Critique of Neoclassical and Austrian Monopoly Theory
One of the most controversial areas in Austrian economics, and one where even long-established Austrian theorists differ sharply, is monopoly theory.
One of the most controversial areas in Austrian economics, and one where even long-established Austrian theorists differ sharply, is monopoly theory.
Much of what we might call monopoly capitalism (or crony capitalism) can be tied to intellectual property laws.
Present-day prophets of a united Europe share with past conquerors like Napoleon and Hitler a strong preference for a society directed, more or less violently, by a small political elite. All in the name of "eternal peace."
Böhm-Bawerks was a brilliant economist, and we must also remember his example as a principled man of uncompromising integrity who in the political arena unswervingly fought for freedom and free markets.
Once the economics profession embraced the "perfect" competition theory which, as Hayek has said, means "the absence of all competitive activities," it also embraced antitrust regulation.
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.
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.
It's conservatives, not libertarians, who are naïve about big media power.