Milton Friedman - Monopoly

Professor Friedman explains the free market remedy to monopoly. http://www.LibertyPen.com

Source: Milton Friedman Speaks
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  News & Politics

[Adrian Bartholomew]

But that's where you are mistaken. Without gov't HELP, they will be eaten alive by younger, more creative, quicker thinking, companies. Historically, no monopoly has ever existed without gov't intervention. It is gov't intervention that creates monopolies, ten more regs are piled on to combat problems that they created.

This domino effect is spun as reasons to need them within their political campaigns.

[jowillkit]

He would've bashed TARP, said to cut spending, cut taxes, deregulate, return to a stable dollar and let the free market work

[Arcadi Burria Avellana]

Interesting article of Murray Rothbard arguing that The Beers was not a natural monopoly but one created by the South African government: mises.org/econsense/ch91.asp

[schwapj]

3. Let's assume for the sake if this discussion that climate change is man made, reversible, and cumulatively damaging. It's a classic tragedy of the commons. One solution is to create private property in air and water. Another is to eliminate the EPA and treat pollution as a trespass and personal injury matter. Imagine if BP had been afraid of ten thousand lawsuits by Gulf fisherman with private leases instead of the fines levied by their buddies in Washington.

[schwapj]

1. I just didn't want to monopolize the conversation with another 3 parter. "The economy" is only an aggregate of all the things people buy, sell and trade. So of course "the economy" would continue to exist, although not necessarily the way it works now. I agree there have never been such free markets as the ones I envision, but the sickening part is that it's due to the subversion of the U.S. Constitution the day after its ratification, by people more interested in power than the people.

[in4tunio]

You have comfortably sidetracked the questions I asked like sustainability. Anyway, the fact is that there has never been in history free markets of the kind you recommend, and that's because of a reason. "The better the outcomes"---we're expected to take what free marketeers say on face value? And yes, of course, free markets do not exist---it is the government's decisions that exist. Concept of "Free market" is a tool used to implement socialism for the rich and capitalism for the poor.

[schwapj]

1. It's a silly question. The finite minimum would result from repeal of all sections of the U.S. Code and the APA that currently regulate trading and markets. At least within the U.S., that would be "zero" regulation. 2. Of course they were not punished because of the influence of money on politics. Nothing run by humans will ever be perfect. But the circularity of "there are no free markets because they don't exist" is untenable. The closer we get to doing our best, the better the outcomes.

[in4tunio]

What is that finite minimum of regulation? You have made a statement about it but whether the statement is unambiguous and computable/practicable is open. What is zero? Second, why is that bad actors were not punished? Is it not because of influence of money in politics? Do you assume that government will be perfect and free from the influence of money? If yes, why? Will the economy even last with the free style you say? Is it sustainable? What about global warming? ...some of questions I have.

[schwapj]

2. Naturally based on my position it would be disingenuous for me to argue that the government "caused" the 2008 meltdown. But certainly the astronomical levels of fraud at FNMA and the enabling bailouts of the Bush and Obama administrations did nothing to dissuade bad actors from acting badly. And to top it all off--they didn't even punish the force and the fraud! (Let alone all of the technical and lesser violations that shouldn't be on the books in the first place.)