Source: American Institute for Economic Research
by Michael Munger
“If you’ve ever taken an intro economics class, you’ve heard of the idiotic concept of ‘perfect competition.’ The idea is that no firm has any market power, and is forced to accept the ‘competitive’ price. One sign that competition is ‘perfect’ in this way is zero profits. Since if something is perfect, it must be desirable, a new generation of attorneys is attempting a wholesale takeover of antitrust enforcement. They are being led by advocates such as Lina Khan of the FTC, and Timothy Wu of Columbia Law School, who is hailed by some as the ‘architect’ of the Biden administration’s competition policy. The problem is that competition in commerce, just as in elections, courtrooms, and sports, requires considerable resources and organization.” (04/22/24)