Friedrich Hayek on Industrial Organization, Competition, and Monopoly
One of the treats of the recent Liberty Fund colloquium on the Austrian and Chicago schools of thought was getting to read or reread various excerpts from Friedrich Hayek’s work. In a chapter titled “Government Policy and the Market” from his 1982 book Law, Legislation, and Liberty, Volume 3, Hayek nicely puts perfect competition in perspective and lays out the incredible benefits of real-world, as opposed to “perfect,” competition.
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