The Tom Woods Show, episode 456.

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slash code. Hey everybody, Tom Woods here. In the recent episode with Gene Epstein, I decided to do an episode on monopolistic competition.

I think it was Gene.

The subject came up, and I thought this is an area that I think will show people very effectively one of the key differences between the mainstream of the economics profession and the Austrians, because in effect they see

monopoly or monopoly power absolutely everywhere, that is the mainstream. And it's not clear

that this is a reasonable way of looking at the market economy. So we really are going to

understand better what the differences are between these two approaches in our episode today.

And of course, for a case like this, I'm very glad to welcome back to the show, Professor Jeff Herbiner.

Jeff is the chairman of the Department of Economics at Grove City College.

And by the way, if you're an undergrad and you're saying, I want to learn

economics from an Austrian, or you're about to become an undergrad, let's say, or your,

let's say your high school student is interested in this. Grove City College is a wonderful place,

but the one thing it's not very good at is self-promotion. I would absolutely love to have my children at Grove City College. They would

learn a ton. It takes no form of U.S. government aid whatsoever. It is absolutely independent.

I'm not a paid spokesman. I'm not an endorser for Grove City College. I just voluntarily want to

tell you it is a fantastic place, and the

economics department is top-notch, and you're going to learn from one of the greatest

minds we have in the Austrian movement around the world, and that's Jeff himself.

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