Money, Monopoly & Market Intervention
Robert P. MurphyMises AcademyOctober 5, 2011
Lecture 1: First half of Chapter 10 of Man, Economy, and State
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
I. Course Description
II. Hutt and Mises on Consumer Sovereignty
� Cases of Nepotism and Natural Beauty
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
IV. Cartels
A. Cartels and Physical Destruction??
B. Cartels and “Collusion”
How is a cartel different from a merger, or the formation of a standard corporation?
C. Instability of Cartels
D. One Giant Cartel?
V. Neoclassical Monopoly Analysis (in 1950s…)
VI. Modern Monopoly Analysis