Friday, July 16, 2004

Quote of the Day

"Ronald [Coase] said he had gotten tired of antitrust because when the prices went up the judges said it was monopoly, when the prices went down they said it was predatory pricing, and when they stayed the same they said it was tacit collusion."
--William Landes, "The Fire of Truth: A Remembrance of Law and Econ at Chicago", JLE (1981) p. 193
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