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The question from the point of view of society is not how many firms there are, but how efficiently and progressively the firms—no matter how few or how numerous—utilize scarce resources in the service of the public. First and foremost, there is the virtual privilege of violence, which trade unions alone enjoy. Neither individuals nor other organizations are so privileged.
Memory is strangely short as regards union violence, and yet every big union in America has used it habitually, in both organizing and "collective bargaining.
They have much more to fear than do persons who reject the blandishments of sellers of other goods or services. And this is true despite the fact that the right not to join a union is as firmly entrenched in legal theory and the theory of the free society as is the right to buy as one wishes or to refuse to buy when one so wishes.
The Pattern of Violence This is no isolated case. It is not out of order to infer that the siege of the supervisors, otherwise a pretty silly act, was intended to get across that message. Mass picketing, goon squads or "flying squadrons" as they are known in the Auto Workers union , home demonstrations, paint bombs, and perhaps most egregious of all, the "passes" which striking unions issue to management personnel for limited purposes—these are the carefully tooled components of the ultimate monopoly power of unions.
No division of markets by any industrial firm has ever achieved such proportions. The "no-raiding pact" divides the whole organizable working force in accordance with the ideas of the union leaders who swing the most weight in the AFL-CIO. The theory of modern labor relations law is that employees have a right to unions of their own choosing.
Monopoly unionism owes much, too, to direct and positive help from government. Consider the vigorous prohibition of company-assisted independent unions which has prevailed for over twenty years. Monopolies over a particular commodity, market or aspect of production are considered good or economically advisable in cases where free-market competition would be economically inefficient, the price to consumers should be regulated, or high risk and high entry costs inhibit initial investment in a necessary sector.
Investment and economic growth 2. Profits generated by patent exploitation can be invested in further research and development, which may stimulate commercial and industrial growth. Worldwide Patent Cost. Who Grants Patents? Upon approval of a patent application, the applicant will receive the certificate of the grant of a patent. Before the approval can happen, the applicant must pay the fee. Patents are granted by either a national patent office or a regional office that handles patents for multiple countries.
YKK Group. De Beers. Tyson Foods. For example, monopolies have the market power to set prices higher than in competitive markets. The government can regulate monopolies through: Price capping — limiting price increases. Nationalisation — government ownership. Netflix is not only very cheap but it also produces a LOT of content.
Netflix could be considered a monopoly because it produces more content than any competitor. Google made the decision to give Android away as part of their business strategy. Price, Supply and Demand A monopoly's potential to raise prices indefinitely is its most critical detriment to consumers.
Because it has no industry competition, a monopoly's price is the market price and demand is market demand. As the sole supplier, a monopoly can also refuse to serve customers. Monopolies can be criticised because of their potential negative effects on the consumer, including: Restricting output onto the market. Charging a higher price than in a more competitive market. Reducing consumer surplus and economic welfare.
Restricting choice for consumers. Reducing consumer sovereignty. With higher prices, consumers will demand less quantity, and hence the quantity produced and consumed will be lower than it would be under a more competitive market structure. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Undefined cookies are those that are being analyzed and have not been classified into a category as yet. Skip to content. Why does the government create monopolies? As Conservatives, they presumably assert from time to time generalities about the virtues of competition in free markets.
So why are both signed up to policies which award long-term monopolies? Mr McLoughlin has inherited the West Coast line problem. Richard Branson is currently seeking judicial review of the decision to award the exclusive long-distance franchise to First Group. The question we ought to be asking is not who should get this lengthy contract, but why such contracts are awarded anyway. Mr Branson does not bid for an exclusive right for his airline to fly to New York, but has to compete for limited landing slots with other airlines.
So why can we not have more than one company offering trains from London to Glasgow? There is no technical reason. But there could be much more such competition, with the promise of innovation and greater choice for the consumer, if both Virgin and First Group — and other possible providers — could compete via a more liberal track access policy. Failing a more thorough privatisation of the rail network, surely this is worth trying? Clearly Mr Gove has been hoodwinked by his civil servants into believing the story that competition between exam boards has driven down standards, when the reason for this decline is the persistent interference of governments and a regulatory system that forced boards to set grade boundaries within narrow statistical tolerances determined by teacher predictions, student intake and other highly debatable indicators which gradually drift upwards over time.
Before governments started intervening so closely in schools examinations back in the s, competition between boards was uncontentious and often highly creative, leading to innovative syllabuses and new methods of assessment things like Nuffield Science, for example. We ought to be seeking similar types of external assessment, rather than relying, as with the railways, on yet tighter regulation of monopoly suppliers. Len Shackleton. His research interests are primarily in the economics of labour markets.
He has worked with many think tanks, most closely with the Institute of Economic Affairs, where he is an Economics Fellow. Len Shackleton is completely correct, of course, especially when it comes to examination boards. A sixth form student. But, you raise a good point — and unscrambling eggs is not easy!
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