Transcript
  • 00:00    |    
    Initial credits
  • 00:22    |    
    Presentation of Israel Kirzner by announcer
    • Books
    • Contributions
  • 03:56    |    
    The idea of competition in economics, and its implications of monopoly policy
    • Monopoly policy
    • History of monopoly policy in the United States
      • Disadvantages of antitrust laws
      • Special interests behind these laws
  • 08:59    |    
    The meaning of competition
    • Mainstream economics definition
      • Perfect competition
        • Differentiation of products
        • Horizontal demand curve
      • Disadvantages of monopolies
    • Competition in real world markets
      • Semantic confusion of perfect competition
      • What is competition?
    • Austrian definition
      • Freedom of entry
      • Difference between static competition and dynamic competition
      • Implication of freedom of entry
    • Competition as a dynamic force
    • Disadvantages of academic tenure
  • 35:34    |    
    The role of a government in competition: Get out of the way
    • Negative incentives of medical licenses
    • Negative effects of anti-merger acts
    • Freedom of entry: Protection to the consumer
  • 43:35    |    
    Product differentiation: Competitive aspect of market
    • Experimentation and innovation
    • Unanticipated effects of monopoly policy
  • 47:14    |    
    Competition of new entrepreneurial activity
    • Entrepreneurial freedom
    • Blockage against entry
  • 52:42    |    
    Question and answer period
    • What was the role of Chrysler on promoting Antitrust policy against Japanese manufacturers?
    • What is your opinion about intellectual property rights and patents?
    • Under what circumstances can a monopoly be justified?
    • Is competition ethical?
    • What is the contribution of competition in business dynamics?
    • Welfare economics and ethical issues of competition
    • How can you foster a competitive environment in a developing economy? Can a market liberalization affect a poor nation?
    • Why there is no freedom of entry for foreign workers in the U.S. Labor market? What are the disadvantages of Immigration Laws?
  • 01:18:30    |    
    Final words by announcer
  • 01:18:48    |    
    Final credits


The Idea of Competition in Economics, and Implications for Monopoly Policy

New Media  | 21 de agosto de 1996  | Vistas: 121

There are different ideas of competition in economics. Mainstream economics defines a static competition with an infinite number of sellers and buyers, perfect knowledge, while Austrian economics defines a dynamic competition that promotes entrepreneurial activity, innovation, and differentiation. Most real world competitive practices are condemned as monopolistic by static competition. The real definition of competition is freedom of entry. Governments can block competition by protecting local industries, or by creating patents and licenses. The consumer is protected by freedom of entry, innovation, and entrepreneurship and not by monopoly policies, regulations, or licenses.




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Israel Kirzner is a leading economist of the Austrian School of…

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