Economists Do It With Models

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Today’s Fun In Random Online Videos, Natural Monopoly Edition…

June 16th, 2014 · 60 Comments
Econ 101

I swear I know how to use the Internet in general, but I somehow managed to type my name in the wrong place when trying to access my Facebook page, which mysteriously lead to Googling myself. (I don’t care how completely that verb enters the popular lexicon, it will always sound dirty.) Anyway, those of you who have ever, well, Googled anything know that a few image search results show up near the top of the first page- I noticed one of the photos and was like “heh, I don’t remember taking that photo…” Luckily, that is because the photo was originally part of a video and not because I am ridiculously unaware of stalkers, given that I was looking at the camera in said photo:

Anyway, the video…I did a few videos a while back for a production company that was looking to put together subscription-based materials for introductory econ classes, and the company made the video on natural monopoly one of their free preview videos, which you can see here. (Hopefully, watching this video will help you understand why I am posing with a Verizon truck, if it wasn’t already obvious.)

Or, tl;dw (didn’t watch, get it?): Regular monopolies get to be monopolies because of some usually artificial barrier to entry such as intellectual property protection. Natural monopolies get to be the only game in town because their fixed costs have already been paid (and are therefore sunk) and their marginal costs are low, so they can lower price in order to make it unprofitable for others to enter. In related news, the cost structure of natural monopolies means that it makes economic sense for only one to exist in an industry at a time, but regulation is often a good idea, since natural monopolies left to themselves result in the same inflated prices and reduced supply that regular monopolies do.

Tags: Econ 101

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