Monopoly | Grant of Privileged

#economics #monopoly #statism

It’s difficult to decide what is the most misunderstood concept of economics. Almost all of them are misunderstood or misused, intentionally, confusing the masses. Inflation is badly misunderstood, but monopoly has to be one of the most misunderstood concepts too. Inflation can be discussed another day. The task here today will be to elucidate monopoly.

Monopoly is incorrectly used as a large market share. If a firm has ¾ of a market, they are said, by politicians and the masses, to have a monopoly. Actually, the masses are just repeating what their politician says, with little or no thought. Is it a monopoly to have a large market share? What if it’s the entire market? No!

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