“The monopoly problem mankind has to face today is not an outgrowth of the operation of the market economy. It is a product of purposive action on the part of governments. It is not one of the evils inherent in capitalism as the demagogues trumpet.“- Ludwig von Mises, Human Action
purposive- Having, serving, or done with a purpose.
So, what is a monopoly? How do they exist? Are they bad? Praxgirl‘s series continues as we define the term and see if it fits into our understanding of a free market economy.