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.”
Unions and collective bargaining are not necessarily illegitimate. Workers who seek other arrangements are not “free riders” but are victims of union monopoly power.
Section Six: Truth and Lies about Markets. Narrated by Harold L. Fritsche.
Section Six: Truth and Lies about Markets. Narrated by Harold L. Fritsche.
