Episode Synopsis "8. Competition and Monopoly"

The eighth of ten lectures from Joseph Salerno's Introduction to Austrian Economic Analysis seminar.Naturally occurring monopolies do not last long. Competition emerges to upset them. The sovereignty of the individual defines the free market. The only monopolies that do persist are those maintained by government interventions.Cartels are not monopolies. There is no essential difference between a cartel and an ordinary corporation or partnership. But, the cartel is an inherently unstable form of operation.

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More episodes of the podcast Introduction to Austrian Economic Analysis

• 1. Scarcity, Choice, and Value
• 2. Exchange and Demand
• 3. The Determination of Prices
• 4. Price Controls: Case Studies
• 5. Profit, Loss and the Entrepreneur
• 6. Pricing of the Factors of Production and the Labor Market
• 7. Capital, Interest and the Structure of Production
• 8. Competition and Monopoly
• 9. Money and Prices
• 10. Banking and the Business Cycle