Archive for December 24th, 2009

The Second Statement

Thursday, December 24th, 2009

The Second StatementIt is sometimes said of these combination the monopolistic trusts that they reduce prices to the consumer by better methods of production, but all experience shows that this saving of cost goes to the pockets of the producer. The price to the consumer depends upon the supply, which can be reduced at pleasure by the combination.

These are clear expressions of concern for the distributional effects of market power. The second statement, in fact, suggests approval of efficiency only (more…)