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DiLorenzo, RAE, and Unnatural Monopoly

August 19, 2013 in Economics

By John P. Cochran

In case you missed it, L. GORDON CROVITZ (WSJ, “TV’s Unnatural Monopolies”) makes excellent use of Austrian analysis of market process and monopoly to support his argument that “The rationale for government regulation is collapsing in the face of technological change” in what used to be called the television market.

Tipping the hat to Thomas DiLorenzo and indirectly to RAE and Mises Daily, he writes:

The idea of a natural monopoly ignores new technology. In “The Myth of Natural Monopoly,” a 1996 scholarly essay, economist Thomas DiLorenzo described how in the Industrial Age economists “understood that competition was an ongoing process and that market dominance was always necessarily temporary in the absence of monopoly-creating government regulation.”

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