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Quotation of the Day…

… is from page 11 of economist Arthur M. Diamond, Jr.’s marvelous 2019 book, Openness to Creative Destruction: Sustaining Innovative Dynamism (footnote deleted):

An alternative to the “imposed” antitrust regulation by the government would be the “organic” antitrust regulation by the market. Organic antitrust regulation checks the power of dominant firms by allowing innovative startups to leapfrog the incumbents, providing new goods and new process innovations that are mostly better and cheaper.

DBx: Yes.

Relying upon government officials to rid markets of monopoly power makes no more sense than relying upon neo-Nazis to rid society of anti-semitism.


Pictured above is Gustavus Swift – a brilliant entrepreneur who made the market for beef and pork much more competitive.