What is the libertarian solution to a monopoly on inelastic goods?

What is the libertarian solution to a monopoly on inelastic goods?

I don't know but fuck you, get off my lawn.

no empire lasts forever

If someone gets a monopoly on say Gasoline, how do you get to work?

except usa

That doesn't answer the question

Don't need gas if there ain't no roads.

>blackguypointingtohishead.jpg

Much shorter patents for inelastic goods?

Are the people that post on Sup Forums actually mentally retarded, or just children?

You're one of them, why don't you tell us?

there is literally no industry that child slaves cannot fix. prove me wrong

anything with applied higher learning

you have to teach me how to self-BTFO so hard

I'm mentally retarded, what's wrong with all of you?

Patent on water?

a thousand monkeys can write shakespeare

How do you patent oil in the ground?

I don't know any monkey engineers

You can't, that's why there's no monopoly on it. Imagine if only BP or Shell could drill for oil?

Any firm must satisfy customers to stay in business. A monopoly must satisfy its customers so well that no other firm could compete. The elasticity of the good sold may change some nitty-gritty details of what aspects of consumer demands can be met, especially since they tend to be essentials, but this does not relieve firms of any responsibility to satisfy consumer demand.

There's no patent on water, and thus there isn't a monopoly for it. An example of an inelastic resource would be a new medication for a disease with no known treatment. The producers (in a free market) could charge a gorrillian dollars for it, and pretty much be ensured people will buy it. However, if the patent only lasts 4-6 years, it won't be long before other pharma companies figure out how to synthesize the medication, and sell it for cheaper. The result is that the meds will become as low as what brings a profit for the companies producing it.

Have you heard of Standard oil?

What are some real life examples of a monopoly on inelastic goods? The only one I can think of is Rearden Steel, which is fictional. And even a product like that has inferior competitors that still cause it to warrant a reasonable price or else no one would buy it. It seems like every monopoly has knockoffs that cause the price not to reach the sky.

We were just talking about inelastic goods, monopolies are a different issue, and even Adam Smith believed we should break them up.

THE FREE MARKET ALREADY FIXED IT

Passing go and collecting $200.

I'm mentally retarded, what about you?

>r it. An example of an inelastic resource would be a new medication for a disease with no known treatment. The producers (in a free market) could charge a gorrillian dollars for it, and pretty much be ensured people will buy it. However, if the patent only lasts 4-6 years, it won't be long before other pharma companies figure out how to synthesize the medication, and sell it for cheaper. The result is that the meds will become as low as what brings a profit for the companies producing it.

But there's no reason a company would invest billions into a drug where the patent would only last 4-6 years.

It's also why no companies are putting R&D into new antibiotics, b/c the payoff isn't good.

>We were just talking about inelastic goods, monopolies are a different issue, and even Adam Smith believed we should break them up.
>>>What is the libertarian solution to a monopoly on inelastic goods?

Standard Oil

How did the free market fix the standard oil monopoly/

Of course, you don't want the patent life to be too low, there should really just be an agreement between pharma companies and the DEA as to what the patent life is and what they will charge. There's still that free-market principle of supply-and-demand, and the only state involvement is in protecting the intellectual property of the company in exchange for an agreement.

oil wasn't inelastic at that time. there were alternatives to oil. trains, horses, boats, etc.

Breaking up monopolies is pro-freemarket and there is disagreement between libertarians if that is fundamentally a libertarian action. I think you should have said
>What is the AnCap solution to a monopoly on inelastic goods?

Those options are still hypothetically in place.
I still COULD take a bike or horse to work.

You got me there.
Sorry, it was something I was thinking about on the way back from work.
I am a libertarian, but it seemed like any government authority which could break up monopolies would have the potential of corruption

I think the libertarian mindset is circle logic at times. A lot of them think that its ordained by God to be the perfect system with no flaws, and I don't see why it would be. Christ didn't come down to preach capitalism or socialism. Generally I think the free market is good, but its really competition that is good and sometimes the freemarket solution for a company is to remove competition to thrive (which is bad for everyone but the company). Classical Economics is God-Tier, don't buy into Monetarism or Keynesian Economics.