08-11-2011, 07:43 AM
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Confirmed User
Join Date: Mar 2008
Location: London, Saint-Tropez, Bermuda, Moscow
Posts: 5,289
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And here is a bit more about monopolies from the Austrian School...
Quote:
100 Years of Myths about Standard Oil
May 15 is the 100th anniversary of the most famous antitrust ruling in US history ? the 1911 Standard Oil case. Unfortunately, the mythology and aftermath of that case has undermined competition and harmed consumers ever since.
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http://mises.org/daily/5274/100-Year...t-Standard-Oil
Quote:
A Politically Incorrect Guide to Antitrust Policy
Antitrust theory and history are both a myth and a hoax. The laws were never intended to help consumers (Robert Bork's protestations to the contrary) and their long historical track record is that they have not helped consumers. They have, instead, punished innovative and efficient business organizations while protecting less efficient competitors and every state-sanctioned monopoly. They have tended to make consumers poorer and the overall economy less efficient and they deserve to be repealed, not reformed. That the antitrust paradigm still can find support among a majority of economists, lawyers, and the public is a testament to intellectual laziness, to the power of special interest, and to decades of successful myth making.
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http://mises.org/daily/2694
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