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Quotation of the Day…

… is from page 143 of David Friedman’s superb 1996 book, Hidden Order:

Selling below cost is a poor way of driving your competitors out of business but a good way for a new firm to persuade customers to try its new products. Under present antitrust law, a firm that does so risks being accused by its competitors of unfair competition and forced to raise its price. Laws that make life hard for new firms – or old firms entering new markets – reduce competition and encourage monopoly, even if they are called antitrust laws.

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