Thursday, 5 September 2013

Quote of the day: On monopoly

“One important result of this preoccupation with the monopoly
problem is that if an economist finds something—a business
practice of one sort or other—that he does not understand, he looks
for a monopoly explanation. And as in this field we are very
ignorant, the number of ununderstandable practices tends to be
rather large, and the reliance on a monopoly explanation, frequent.”

- Ronald Coase

[Hat tip Consumer Affairs]

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