Please read D. Armentano's article, A Critique of Neoclassical and Austrian Monopoly Theory, and respond to the
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Question:
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"?
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