The Most Vicious Form of Monopoly
Imagine in your mind’s eye a firm that continuously pumps out ever improving products and or services. Imagine further that this firm is able systematically to improve its product line with differentiation (adding new features or services to current products making them even more attractive to consumers). Even more stunning, through efficiency, hard work, and sheer brilliance, this firm continuously provides its products and services at ever-lower prices to its consumers. Imagine also that no government agency is forcing anyone to purchase this product, and no license or special grant of privilege has been imposed by the government rendering consumers with no other economic options. Rather, the superiority of the products this firm creates is so widely recognized that almost every industry uses them – to the exclusion of virtually all other would-be competitors. Suppose lastly, that the use of the products produced by this firm has markedly and measurably raised living standards, improved productivity and created wealth beyond imagination all around the world – in short, the existence of this firm and the products it has produced has resulted in a net increase in wealth and standard of living.Read more »