patrick.net

bgamall4 says

So Keynes, which could work in a regulated system, can't work where the bankers can bid up futures contracts, hoard commodities, etc.

This is all done by the Keynesian theory of central government taking control of the economy. All that money ends up into the bankers vaults.

spydah_hh says

Show me an monopolists financed by private funding and enterprise that harmed consumers and workers? Please don't say standard oil or even DeBeers.

Other than these aforementioned 2, how about the NFL & MLB?

How about YKK group?

Maybe you want an oligopoly? OPEC. The DRAM price fixing scandal of the early 2000s. ADM in the 90s with Lysine. LCD price fixing case going on right now against AU, LG, Toshiba, Hitachi, Sharp, Samsung/

control point says

how about the NFL & MLB

NFL is a non-for profit organization. But either way what about them? What prevents other companies from making their own league? If I am not mistaken there's a minor league baseball too.

control point says

Other than these aforementioned 2

Contrary to popular belief standard oil actually better and raised the standard of living in the U.S. The avg person was able to light up their homes thanks to standard oil. In fact before the government broke up standard oil, its market share was in decline especially against Russian oil companies.

But that's expected in a free market, monopolies don't last long as long as there are no barriers of entry (regulations) imposed by the government and as long as the government isn't sponsoring the monopoly.

bgamall4 says

On the contrary, it worked in the 1930's. Without regulation the banks became too big to fail.

What worked in the 1930s? Keynesian economics? No it didn't it was the premise of why the great depression lasted so long. Government intervening in the markets. In fact Hoover in his 3 years of office did just as much deficit spending as Roosevelt in his first 3 years of office and made the depression much worst.

What's funny is people in the great depression experience high food prices but prices on everything else dropped and only reason why food prices were high was because Roosevelt kept them artificially high by destroying food with the Agriculture Adjustment Act, not to mention he eventually placed wages and price controls. All that plus other government policies (including raising the tariffs) is why the great depression lasted so long.

http://en.wikipedia.org/wiki/Agricultural_Adjustment_Act
http://en.wikipedia.org/wiki/Smoot%E2%80%93Hawley_Tariff_Act#Economic_effects

spydah_hh says

What prevents other companies from making their own league? If I am not mistaken there's a minor league baseball too.

Monopoly pricing, i.e. the barrier to entry.

control point says

spydah_hh says

What prevents other companies from making their own league? If I am not mistaken there's a minor league baseball too.

Monopoly pricing, i.e. the barrier to entry.

No it's not. Companies can still beat monopoly pricing if they manage to increase their productivity. The problem is companies can't get their foot in the door because of regulatory barriers to entry that are imposed by the government(s).

Once again, just to repeat. Even John D. Rockefeller's 90% market share was collapsing after 1900s because competitors were finding ways to increase their productivity faster than he was. John D. managed to obtain the 90% market share because he found ways to increase his productivity better than his competitors in the late 1800s.

What you are talking about is overcoming the economy of scale. You believe the only barriers to entry are regulatory. This is 100% untrue and I gave you multiple examples of free-market monopoly (oligopoly) pricing. Simply put, a supplier (or suppliers) can produce at a level where MC>MR, and their market share is so large they can still overcome the fixed production costs, whereas their competitors do not have a large enough foothold to do so.

Everything you think about Standard Oil is made up bullshit that is all over the place at mises.org. The truth couldn't be farther from what you believe.

control point says

whereas their competitors do not have a large enough foothold to do so.

You don't need to be large to compete with big business you just need to be more efficient.

control point says

Everything you think about Standard Oil is made up bullshit that is all over the place at mises.org. The truth couldn't be farther from what you believe.

Let me shed some light.

The Sherman Antitrust Act prohibits the restraint of trade. Defenders of Standard Oil insist that the company did not restrain trade; they were simply superior competitors. The federal courts ruled otherwise.
Some economic historians have observed that Standard Oil was in the process of losing its monopoly at the time of its breakup in 1911. Although Standard had 90 percent of American refining capacity in 1880, by 1911 that had shrunk to between 60 and 65 percent, due to the expansion in capacity by competitors.[43] Numerous regional competitors (such as Pure Oil in the East, Texaco and Gulf Oil in the Gulf Coast, Cities Service and Sun in the Midcontinent, Union in California, and Shell overseas) had organized themselves into competitive vertically integrated oil companies, the industry structure pioneered years earlier by Standard itself.

Go brush up on your history because clearly you don't know damn thing about it.

http://en.wikipedia.org/wiki/Standard_Oil#Legacy_and_criticism_of_breakup

spydah_hh says

o brush up on your history because clearly you don't know damn thing about it.

http://en.wikipedia.org/wiki/Standard_Oil#Legacy_and_criticism_of_breakup

Chief, there isn't one single thing that you or wikipedia can teach me about Standard Oil that I haven't already known and debated on patrick.net multiple times.

let's try to stay civil.