Quotation of the Day…

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… is from page 88 of Thomas Sowell’s Compassion Versus Guilt, a 1987 collection of some of his popular essays; specifically, it’s from Sowell’s October 6th, 1986, column titled “Bogeyman Economics”:

According to bogeyman economics, monopolies are a constant threat to jack up prices and “exploit” the consumer. The irony is that for more anti-trust cases have been prosecuted against companies for lowering prices than for raising prices. When a more efficient company cuts prices and its competitors lose business because they cannot afford to do the same, that is when they turn to the feds.