Monopoly and Competition

On a competitive market there is no such thing as a price policy of the sellers. They have no alternative other than to sell as much as they can at the highest price offered to them.

Fortunately, Austrian economists have shown that every product and service can be offered privately, without the use of monopoly force through government.

Government efforts to stimulate entrepreneurship and startup companies, and to spur job growth, are not only detrimental to market participants but to the startup companies themselves.

Finally, let us remember that there is a word that can never be discussed or even mentioned when we talk about the myriad flawed federal, state, and city transportation systems.That word is "privatization."

Boulton and Watt's refusal to issue licenses allowing other engine makers to employ the separate-condenser principle clearly retarded the development and introduction of improvements.

No, the authors are not really Austrian, and I'm not even sure that they can be called libertarians, but they understand the competitive process in ways that would make Hayek and Mises proud.

In fact, the government has already tried and failed to alleviate the Maryland crab crisis. Perhaps we should let capitalism have a crack at this problem.

Walter Block met Rothbard in 1966. Here, Block tells a joke making the point that antitrust law is dead from the neck up. There is nothing wrong with a monopoly price. Whatever price the free market establishes will be the best price.

Recorded at Mises University 2008.

PDF of Peter Klein’s PowerPoint presentation.