On 4/24/2014 10:23 PM, Patrick W. Gilmore wrote:
The invisible hand of the market cannot fix problems when there is a monopoly.
Put in economic terms, a player with Market Power is extracting Rents. (Capitalization is intentional.)
Regulating monopolies allows a market to work, not the opposite.
Regulating monopolies protects monopolies from competition. Monopolies can not persist without regulation. A regulated monopoly is a monopoly, with all of the powers granted to monopolies by regulation. -- Requiescas in pace o email Two identifying characteristics of System Administrators: Ex turpi causa non oritur actio Infallibility, and the ability to learn from their mistakes. (Adapted from Stephen Pinker)