Principles of Economics, Lecture 2 with Robert Murphy - Mises Academy
Money, Monopoly, and Market Intervention, Lecture 1 with Robert Murphy - Mises Academy
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Transcript of Money, Monopoly, and Market Intervention, Lecture 1 with Robert Murphy - Mises Academy
![Page 1: Money, Monopoly, and Market Intervention, Lecture 1 with Robert Murphy - Mises Academy](https://reader033.fdocuments.in/reader033/viewer/2022060200/5598a5e61a28ab89638b4612/html5/thumbnails/1.jpg)
Money, Monopoly & Market Intervention
Robert P. MurphyMises AcademyOctober 5, 2011
Lecture 1: First half of Chapter 10 of Man, Economy, and State
![Page 2: Money, Monopoly, and Market Intervention, Lecture 1 with Robert Murphy - Mises Academy](https://reader033.fdocuments.in/reader033/viewer/2022060200/5598a5e61a28ab89638b4612/html5/thumbnails/2.jpg)
1st Half ofChapter 10 of MES
1. Course Description
2. Hutt and Mises on Consumer Sovereignty
3. Rothbard Critique of
Consumer Sovereignty
IV. Cartels
1. Physical Destruction2. Collusion3. Instability4. One Giant Cartel
V. Neoclassical Monopoly Analysis (in 1950s…)
VI. Modern Monopoly Analysis
![Page 3: Money, Monopoly, and Market Intervention, Lecture 1 with Robert Murphy - Mises Academy](https://reader033.fdocuments.in/reader033/viewer/2022060200/5598a5e61a28ab89638b4612/html5/thumbnails/3.jpg)
I. Course Description
![Page 4: Money, Monopoly, and Market Intervention, Lecture 1 with Robert Murphy - Mises Academy](https://reader033.fdocuments.in/reader033/viewer/2022060200/5598a5e61a28ab89638b4612/html5/thumbnails/4.jpg)
II. Hutt and Mises on Consumer Sovereignty
![Page 5: Money, Monopoly, and Market Intervention, Lecture 1 with Robert Murphy - Mises Academy](https://reader033.fdocuments.in/reader033/viewer/2022060200/5598a5e61a28ab89638b4612/html5/thumbnails/5.jpg)
� Cases of Nepotism and Natural Beauty
![Page 6: Money, Monopoly, and Market Intervention, Lecture 1 with Robert Murphy - Mises Academy](https://reader033.fdocuments.in/reader033/viewer/2022060200/5598a5e61a28ab89638b4612/html5/thumbnails/6.jpg)
III. Rothbard Critique of Consumer Sovereignty
●Individual, not consumer, sovereignty
●Market process much fairer than democratic elections
●No way in practice to isolate serving consumers versus striving for profits in ways that (allegedly) are anti-consumer
![Page 7: Money, Monopoly, and Market Intervention, Lecture 1 with Robert Murphy - Mises Academy](https://reader033.fdocuments.in/reader033/viewer/2022060200/5598a5e61a28ab89638b4612/html5/thumbnails/7.jpg)
IV. Cartels
![Page 8: Money, Monopoly, and Market Intervention, Lecture 1 with Robert Murphy - Mises Academy](https://reader033.fdocuments.in/reader033/viewer/2022060200/5598a5e61a28ab89638b4612/html5/thumbnails/8.jpg)
A. Cartels and Physical Destruction??
![Page 9: Money, Monopoly, and Market Intervention, Lecture 1 with Robert Murphy - Mises Academy](https://reader033.fdocuments.in/reader033/viewer/2022060200/5598a5e61a28ab89638b4612/html5/thumbnails/9.jpg)
B. Cartels and “Collusion”
How is a cartel different from a merger, or the formation of a standard corporation?
![Page 10: Money, Monopoly, and Market Intervention, Lecture 1 with Robert Murphy - Mises Academy](https://reader033.fdocuments.in/reader033/viewer/2022060200/5598a5e61a28ab89638b4612/html5/thumbnails/10.jpg)
C. Instability of Cartels
![Page 11: Money, Monopoly, and Market Intervention, Lecture 1 with Robert Murphy - Mises Academy](https://reader033.fdocuments.in/reader033/viewer/2022060200/5598a5e61a28ab89638b4612/html5/thumbnails/11.jpg)
D. One Giant Cartel?
![Page 12: Money, Monopoly, and Market Intervention, Lecture 1 with Robert Murphy - Mises Academy](https://reader033.fdocuments.in/reader033/viewer/2022060200/5598a5e61a28ab89638b4612/html5/thumbnails/12.jpg)
V. Neoclassical Monopoly Analysis (in 1950s…)
![Page 13: Money, Monopoly, and Market Intervention, Lecture 1 with Robert Murphy - Mises Academy](https://reader033.fdocuments.in/reader033/viewer/2022060200/5598a5e61a28ab89638b4612/html5/thumbnails/13.jpg)
VI. Modern Monopoly Analysis