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Bonus Quotation of the Day…

… is from page 789 of the late Fred McChesney’s superb Winter 1991 Cato Journal paper, “Antitrust and Regulation: Chicago’s Contradictory Views” (original emphasis):

The available evidence indicates that antitrust reduces output and wealth.

DBx: Yes. And nothing that has happened over the past 31 years supplies any reason to alter Fred’s assessment.

Later this week I’m giving a talk, in Destin, for GMU’s Law & Economics Center; the question I will ask and answer is this: “Is Antitrust Consistent with the Rule of Law?” My answer is ‘no.’ What is called “antitrust law” is but a regulatory regime for transferring wealth from the relatively politically impotent to – and creating unjust advantages for – parties with disproportionate political power, including members of Congress.

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