Quotation of the Day…

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… is from page 234 of William Shughart’s paper, “Robert Tollison: Underappreciated Economist,” which is a chapter in the hot-off-the-press book Unsung Heroes of the Market: The 24 Underrated Economists You Need to Know – a volume edited by Robert Whaples, Christopher Coyne, Gregory Robson, and Diana Thomas:

Tollison saw few differences between antitrust law enforcement and the perhaps more familiar industry-specific regulation of prices and entry conditions (e.g., public utilities). Both are vulnerable to influence by well-organized, politically powerful special interests having stakes in policy processes and, in catering to such lobbying pressure, undermine rather than promote competition.

DBx: Pictured here is Bob Tollison (1942-2016). He was a senior colleague of mine at GMU Econ in the late 1980s.