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The existence of substitutes doesn't make a monopoly no longer a monopoly. Bell was still a telephone monopoly even if I could have used carrier pigeons instea
by MiroF 6y ago
The existence of substitutes doesn't make a monopoly no longer a monopoly.
Bell was still a telephone monopoly even if I could have used carrier pigeons instead.
- toohotatopic 6y agoIt's not the same. You cannot transport voice over a pigeon, at least not instantly. If you don' allow substitutes then every brand has a monopoly on the products of their brand. Technically that's a monopoly. But nobody complains about McDonalds having a monopoly on McDonalds burgers.
- MiroF 6y agoAnd you can't farm without farmland. Selling other goods and services is a very imperfect substitute for farming. Other burgers are a pretty good substitute for McDonald's burgers.
- toohotatopic 6y agoWe are back at the assumption that farming cannot be substituted. For a society, it is true that farming can hardly be substituted. But for an individual, it's more than possible to have another profession.