Talks to Watch

Milton Friedman - Monopoly

282K views · Jan 29, 2010 · 4:18 · 0 HN recommenders · 5 mentions · discussed 2012–2025

A short clip of Milton Friedman explaining his free-market view of monopoly, namely that monopolies persist mainly through government help. It is excerpted from the Milton Friedman Speaks series.

Why Hacker News points people here: HN cites it in antitrust and regulation threads as Friedman's take on monopolies, sometimes approvingly and sometimes with skepticism.

What Hacker News said 5

Cites itolalondeMar 2012

Friedman on monopolies needing government help

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Historically, this hasn't happened a lot without the help of government. See this video and link . The only one in tech that I can think of at the moment would possibly be Facebook and even then, there are tons of competing social networks.

Cites itAndrewKemendoJun 2017

“Milton Friedman covered this well”

Friedman on monopolies and government licensing

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They are a quasi monopoly. Ok, and? The idea that monopoly is bad - ipso facto - is silly and monopolistic abuse of consumers is largely theoretical. Governments don't like monopolies because they challenge their power, and don't forget nearly every "bad" monopoly was the result of a government license to monopolize. The whole "Trust Busting" trope that underlies the anti-trust act was not because consumers were being hurt, it was a pissing match between the Government and Northern Securities Company [1]. Milton Friedman covered this well [2] Who's creating those desires? Companies, friends, acquaintances, media etc... it's not Google. Or is this just the ad-industry stealing the attention... Sure, are we debating the existence of an ad-market or Google? Cause I can assure you an ad market will exist irrespective of whatever Google does. [1] link [2] this video

in “European Commission fines Google €2.42B for abusing dominance” · view on HN
Cites itolalondeJan 2025

“at least one Nobel Prize-winning economist agrees with me”

Friedman on markets and competition

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The observation that the least regulated markets are typically the most competitive ones and that large companies rarely tend to maintain their lead over long periods of time. And at least one Nobel Prize-winning economist agrees with me: this video

in “It's not a crime if we do it with an app” · view on HN
CriticaldandareJul 2016

“I suppose he was very wrong.”

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Milton Friedman famously claimed monopolies/cartels would not exist without government assistance and that there are only 2 examples of private monopolies that lasted long period of time (De Beers and NYSE). I suppose he was very wrong. this video

in “The Great Lightbulb Conspiracy (2014)” · view on HN
CriticaldandareJul 2016

“I suppose he was very wrong.”

Full comment

Milton Friedman famously claimed monopolies/cartels would not exist without government assistance and that there are only 2 examples of private monopolies that lasted longer period of time. I suppose he was very wrong. this video

in “The Great Lightbulb Conspiracy (2014)” · view on HN