In this video we look at whether Monopolies are bad or good for the economy. We start by looking at what a monopoly is by definition and how monopolies are created. Then we look at 4 reasons why monopolies are bad for an economy. They include price fixing, decline in product quality, loss of innovation, and causing inflation. Then we look at some reason why monopolies are good for the economy. That includes the consistent supply of essential utilities like electricity, water and gas. We look at an opinion by Peter Thiel, a co-founder of PayPal and he mentions that creating something new is creating a monopoly and that happy companies are companies that have managed to escape competition and solve unique problems. Lastly we look at a brief history of Monopolies in the U.S. including the Standard Oil Company in 1890 and in 1998 with Microsoft and its operating system.

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