Introduction to Microeconomics

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9. Monopoly and Competition

  • Introduction to Micro
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Tags Austrian Economics OverviewMonopoly and CompetitionProduction Theory

02/11/2010Murray N. Rothbard

The words monopoly and competition have been changed. Competition meant rivalry or competing, either active or potential.  Businesses do not like this. Monopoly meant a grant of privilege by the government. It now means a falling demand curve. Government creates crazy regulations and the market works to get around them. Cheaper consumer products are better. It's difficult to sustain quotas - cartel agreements; everybody cheats. Cartels break up in the free market unless government intervenes and props them up.

Part 9 of 14. Presented in 1986 at New York Polytechnic University.

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