Source: Adam Smith Institute
by Tim Worstall
“There are those trying to insist that significant parts of the American economy are uncompetitive. This allows the exercise of market power and thus excess or economic profits. True, this is the sort of analysis that comes from Senators Warren and Sanders so best not taken entirely seriously but there are also those we have to worry about like FTC chair Lina Khan. Is there in fact some way we can test this? … a useful conclusion is that if it’s not possible to enter through greater efficiency or lower prices then the market as it is is efficient without excess or economic profits.” (04/18/24)
https://www.adamsmith.org/blog/the-groceries-market-seems-alarmingly-competitive-to-us