market shares -- even so-called “entrenched monopolists” -- still face vigorous competition in adjacent markets. Weaving together insights from industrial and technologies but also a provocative and useful guide for making competitionpolicy better. OK, that’s my own dust jacket blurb. The law and economics blog Truth
in economic law. Sprinkled in the class is discussion of ethics, consequences of policy, and the view of man. Students, for example, are introduced to (and shown the approach to utility and welfare analysis. We learn and critique the perfect competition model as well as neoclassical consumer theory and cost-based producer
US policymakers are spurning free competitive markets for government-created energy monopolies and oligopolies, and the risks of economic and environmental crises, and even war. Monopolies Favored Over Competition US politicians favor the Organization of the Petroleum Exporting use , compared to 13 percent from coal, the next highest source. US energy policies favor the use of oil and natural gas for all three major energy
skilled ones employers would opt for the latter, protecting the working man from competition. Many states followed Massachusetts’s example, but these laws were short Economist Thomas Hall in Aftermath: The Unintended Consequences of Public Policies explains very clearly that discrimination is very difficult when the amount
contemporary political and social structures, and privileges created today through policies creating winners (cronyism, favoritism, rent seeking, etc.). From the point of view of economic growth as an economic phenomenon, policy-originated inequality has effects on both the creation and distribution of prosperity. First, policy creates winners by (a) protecting some from the competition of new entrants and future winners and (b) restricting (monopolizing) the
enthusiasm turned toward self-improvement, and abounding entrepreneurial spirit, competition and free pricing. Note: This article is adapted from a chapter in Gary Galles’ latest book, Pathways to Policy Failures , just released by the American Institute for Economic Research.
or other natural disasters. Now, there’s no telling how extreme anti–price gouging policies will get, considering that the economic lockdown continues unabated even there is greater potential profit. As more producers rush to meet the high demand, competition drives prices down once again. As economist Robert Murphy puts it in The
More extreme cases include limiting the amount of shoppers in stores. In the competitive marketplace, producers have a high incentive to attract buyers, and in a seek to minimize labor cuts as much as possible. It can be conceded these market policies would not be as forceful as those of government. Some may very well accept
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.