Episode Synopsis "10. Government Cartels"
The only cartels that have lasted have been government cartels. There is no essential difference between a cartel and an ordinary corporation or partnership. Not even the De Beers cartel is all powerful. The South African government nationalizes all land upon which diamonds are discovered. The government only licenses De Beers to work the mines; they shoot others. New York cabs are cartels. Farm price supports are cartelized agriculture.Part 10 of 14. Presented in 1986 at New York Polytechnic University.
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More episodes of the podcast Introduction to Microeconomics
- 1. Intro to Micro: Demand and Supply
- 2. Value
- 3. The Determination of Prices
- 4. Price Controls in the Oil Industry
- 5. Minimum Price Controls
- 6. Government Licensing of Industry and Minimum Wage
- 7. Mid-Term Review and The Theory of the Firm
- 8. The Firm
- 9. Monopoly and Competition
- 10. Government Cartels
- 11. The Structure of Production
- 12. Labor and Unions
- 13. The Labor Market
- 14. Interest Rates and Course Review