Man, Economy, and State: Monopoly with Dr. Walter Block
When Murray Rothbard wrote Man, Economy, and State in the 1950s, monopoly theory was a mess. Even Mises did not have a full understanding of where neoclassical economics went wrong in diagnosing "market failure." But in Chapter 10 of his great treatise, Rothbard demolished the myths surrounding monopolies and cartels. His friend Dr. Walter Block joins the show to discuss Rothbard's breakthroughs and draw downward-sloping demand diagrams for us!
We discuss why deadweight loss is nonsense; why government privilege and forced union bargaining are the real culprits; and why cartels are inherently…
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