Production Theory
Displaying 531 - 540 of 744
9. Monopoly and Anti-Trust, Monopsony
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.
3. Minimum Wage
Minimum wage laws are not only counterproductive, but they make situations worse. All voluntary mutual trade benefits all. Minimum wages and union legislation make it difficult if not impossible for poor youth to get jobs.
