A Good Application of Monopoly Theory in Policy

C. J. Maloney has a post today on the Ludwig von Mises Institute website on Austrian monopoly theory in policy (see here). While I don’t necessarily agree with the author’s conclusion, the editor’s point of view reflects what the true Austrian position on the subject should be. Let’s hope the Department of Justice will stop artists such as Mariah Carey and the Rolling Stones from exercising genuine market power, and that it will promote competition in the music industry, as it does so well in other markets.

Comments

[Geoffrey]

Frederic, I think the secret to this is in the second editor's note, quoting:

"However, even we have our limits - the moment has finally arrived where we will throw our arms around Keynes, emancipate ourselves from preconceived ideas, and realize that in the long run we too are dead. For if the laws of economics, to which we pay endless, well-deserved homage, can be harnessed to create an artificial shortage of Mariah Carey's musical output, here, at long last, is a government intervention we can heartily approve of. As our esteemed Ludwig Von Mises would say in such a situation, Das ist nur ein Aprilscherz."

I'm not sure if the original article is also an April Fool's joke, or if posting it on the Mises website is one, or some combination of the two. Nevertheless, it's not meant to be taken too seriously, if seriously at all.

My favorite part of the whole thing is this, "A Department of Justice source responded via e-mail, "The abuses seen during the 1960s, when musical tycoons such as the Beatles dominated sales, cannot be allowed to re-surface. The days of unregulated, laissez faire music are, thankfully, over"." Comedy genius, if it's comedy at all; maybe that's the point.

[frederic]

Geoffrey
i'm with you. do you think i would seriously say that the DoJ promotes competition well in markets? i am NOT taking the LMI post seriously at all; i think it is a very nice april fool's joke (at least the post on the LMI website). i am just having fun.
frederic

[Geoffrey]

Oh. See, this is why I don't do April Fool's jokes, too much nested trickery.

[Thomas J. Van Wyk]

Funny stuff.

I read the article before I saw this post here, and I'm ashamed to confess that I didn't get that it was a joke until I read a comment on the comment page by Jeffrey Tucker.

Hooray for anti-trust. I'm suprised that enough people think Carey's music is worth listening to that she has been the tarket of anti-trust action.

[Adam]

Geoff, do you share a sarcasm gene with Dan?

[frederic]

good point Adam. i'll have to ask Geoff how much of his comment was purely sarcastic.
frederic