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Please read D. Armentano’s article, “A Critique of Neoclassical and Austrian Monopoly Theory,” and respond to the following prompts. In the article, the author brings up a few important issues with the way economists treat monopoly.
• Compare and contrast the four different treatments of monopoly presented (Neoclassical, Mises, Kirzner, and Rothbard).
• What is wrong with using perfect competition as a benchmark?
• Is it appropriate to consider barriers to entry that are due to consumer preferences?
• Why does Rothbard prefer the definition of monopoly as “a grant of privilege from the state restricting competitive production or sale”?
Article: Armentano, D. T. (1978). “A Critique of Neoclassical and Austrian Monopoly Theory.” New Directions in Austrian Economics, pp. 94-110.
Your writing should be more than 500 words in length and be formatted according to APA style and must include in-text citations and the list references for the text and use at least two additional scholarly sources from the Bryan College Library or other websites.