Hurting consumers presumably involves restricting output and raising prices, as antitrust theory goes. Preventing that sounds heroic, like being the champion of the people, but the reality is that antitrust actions have a much better record of protecting inefficient companies at the expense of more efficient competitors and consumers.
:: Tuesday, March 09, 2010
A renowned economist once said, “Even capital punishment could not make price control work in the days of Emperor Diocletian and the French Revolution” (Mises). Unfortunately, the monarchs, bureaucrats, and legislators of yesterday and those of today have yet to heed those words. As a couple of noted researchers also said, “Price controls are an [...]
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