Monopoly and Competition

As they say in the South, writes Chris Westley, you can stick a fork in organized labor. Its implosion is a reminder that, in the long run, market forces trump state power.

Recorded at Mises University 2005.

The Austrians view is that monopoly came about as privilege, usually granted by royalty, given to a particular person or industry. This process is arbitrary and capricious. Free entry is required in capitalism. There cannot be restrictions on entry, as with doctors.

Price, quantity, profit, and deadweight loss are four criticisms of monopolies.

Published in the Cato Journal Vol. 19, No. 2, 1999.

Insider trading per se is obtaining information from non-public sources and using it for purposes of enhancing one's financial advantage. Is there anything unethical or morally wrong in this exercise?

From The Review of Austrian Economics Vol. 9, No. 1, 1996.

From the American Journal of Economics and Sociology Vol. 57, No. 4, October 1998. 

From The Review of Austrian Economics Vol. 4, 1990.

Elliot Sclar's book You Don't Always Get What You Pay For: The Economics of Privatization presents an empirical analysis of privatization that he thinks has been lacking.

Dominick T. Armentano Antitrust Reform: Predatory Practices and the Competitive Process Acrobat Distiller 7.0.5 (Windows)