Man, Economy, and State: Monopoly with Dr. Walter Block
Dr. Walter Block joins the show to discuss Rothbard's breakthroughs on monopolies and cartels, and to draw downward-sloping demand diagrams for us!
Dr. Walter Block joins the show to discuss Rothbard's breakthroughs on monopolies and cartels, and to draw downward-sloping demand diagrams for us!
The political entrepreneur succeeds by using the implicit violence of government to cripple his competitors and harm consumers. The market entrepreneur, on the other hand, makes his fortune by providing consumers with products they need at prices they can afford.
Jeff Deist tackles the first Chapter of Man, Economy, and State. So much of what economics texts get wrong is laid out brilliantly here by Rothbard, who gives readers the basics of action, means/ends, time, ranking, factors of production, and capital in this 77 page master class.
Economists have long tried to use the idea of "public goods" as justification for a wide variety of government interventions. But there is no objective measure for what's a public good and what's not.
Economists have long tried to use the idea of "public goods" as justification for a wide variety of government interventions. But there is no objective measure for what's a public good and what's not.
BBC images from India show the human toll of the coronavirus shutdown. Americans should take note, and soon.
The whole idea of government regulating so-called monopolies in order to promote competition is based on fallacies. If anything, such intervention only stifles market competition and lowers living standards.