it is argued, compares “unfavorably” with price and output (and cost) under competitive conditions. Under competitive conditions, since price and marginal by such a firm, becomes, in the new jargon, a barrier to entry that limits competition and reduces society’s “welfare.” CONTEMPORARY MONOPOLY THEORY: A CRITIQUE the barriers-to-entry theory seriously is to end up proposing as rational public policy—in the name of consumer welfare—the very procedures that consumers would
of most Administration economists, Friedman has, in fact, made his mark in current policy, and indeed reciprocates as a sort of leading unofficial apologist for and unions down to small blacksmith-shop size, in order to arrive at “perfect” competition and what Simons conceived to be the “free market”; (2) a vast scheme of
This was, indeed, the favorite argument of the supporters of mercantilism, a policy whose disastrous consequences are very well described in the book by Conrad egoistic rivalry will be substituted rivalry in the spirit of sacrifice, and free competition will continue to exist. The leitmotif of socialism, which runs through
the pseudo-philosophy that hitherto had been instrumental in shaping the economic policies of the nations. They exploded the old fables: that it is unfair and unjust businessmen from getting rich and to protect the less efficient against the competition of the more efficient; and that to restrict the freedom and the expounded the doctrine of free trade and laissez faire. They paved the way for a policy that no longer obstructed the businessman’s effort to improve and to expand
ready to be tapped. The prime concern for the Keynesian is to decide on economic policy—what should be the economic ends of the State and what means should the State and early modern times, the ancestors of the Keynesians who advocated similar policies also proclaimed that the State could do no wrong. At that time, the king and direct robbery through “progressive” taxation, creating and spending new money in competition with individuals, directing investment, “influencing” consumption—the
without institutional constraints of cost control that private property and competition induces. The enlightened minds of planners and technocrats cannot he would not have had any subjects to rule. Then he initiated the New Economic Policy, which allowed markets and private property. According to historian Alec Nove,
the cartelization device for both the workers and the private owners of capital. Competition between workers and between businesses is regarded as wasteful and little substantive change other than its marketing. The Eight Marks of Fascist Policy John T. Flynn, like other members of the Old Right, was disgusted by the irony
hostility with the Arab and Indian merchants, for these Muslim traders feared the competition afforded by the new sea route. The new route was expected to avoid the of the previous purely religious abstinence. This intensification of mercantilist policy was accelerated by the intervention of England into the dynastic wars on the
Mussolini, being in pursuit of power, made that objective the mold by which his policies were formed. Behold now the erection of the great Fascist edifice. 1. He had practice of Italian governments. Thus spending became a settled part of the policy of Fascism to create national income, except that the Fascist state spent upon the masses among them had in mind very practical ends. The bosses wanted to curb competition, protect themselves from what they called “overproduction,” and from what
of economics, or columnist, or editorial writer, have in arguing against the policies and actions of this 120,000-man army, even if he has had time to learn the the Citizens Foreign Aid Committee, the Economists’ National Committee on Monetary Policy, the Tax Foundation, and so on. “It is not merely the organized bureaucracy businessmen will advocate tariffs, import quotas, subsidies, and restrictions of competition, because they think, rightly or wrongly, that these government
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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.
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