The Journal of Libertarian Studies

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Austrian Monopoly Theory — A Critique

  • The Journal of Libertarian Studies

Tags Monopoly and CompetitionPhilosophy and Methodology

07/30/2014Walter Block

There are two views of monopoly within what might be called the broad Austrian camp. According to the Mises-Kirzner view, monopoly price can exist on the free market, and a necessary part of its definition is a purposeful withholding of resources on the part of the monopolist. Rothbard, however, defines monopoly as an exclusive government grant of trading privileges, and, as such, finds it incompatible with market freedom. In this paper I shall criticize the former view, by considering alternative interpretations to monopolistic withholding, and by considering several inconsistencies on the part of its proponents.

Volume 1, Number 4 (1977)

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Walter Block is the Harold E. Wirth Eminent Scholar Endowed Chair in Economics at Loyola University, senior fellow of the Mises Institute, and regular columnist for LewRockwell.com.

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Cite This Article

Block, Walter. "Austrian Monopoly Theory — A Critique." Journal of Libertarian Studies 1, No. 4 (1977): 271-279.

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