William Sjostrom, at AtlanticBlog, ran across a post at CalPundit that he found to be fundamentally flawed. He lays out his case in this link-laden post, which explains why antitrust law is not needed in a true capalistic system. He ends the post with a snippet from a poem entitled "Tom Smith and His Incredible Bread Machine":
You're gouging on your prices if
You charge more than the rest.
But it's unfair competition
If you think you can charge less.
A second point that we would make
To help avoid confusion:
Don't try to charge the same amount:
That would be collusion!
You must compete. But not too much
For if you do, you see,
Then the market would be yours
And that's monopoly!
If you've ever heard the Rush song "The Trees", you'll hear a similar strain of libertarian thought. Upon reading "Tom Smith", I immediately thought of this song.
posted on June 06, 2003 04:39 PM