More NYT Follies
New York Times hyperbole of the day:
The American economy cannot thrive without antitrust laws. It is time to start enforcing them.
Makes you wonder how the American economy functioned before 1890. The Times is upset that the Europeans seem far more active in their antitrust aggression then the U.S. Even if that is true -- and I wouldn't concede the point -- does Europe strike anyone as "thriving" because of antitrust?
The Times defends its antitrust panic by proclaiming, "Without competition there is no incentive for innovation, or to reduce prices." Somehow I doubt the paper would apply that argument to areas where the government already forbids competition or would like to in the future (i.e. health care.) And of course, antitrust does not promote or protect competition. It simply re-directs capital from production to "enforcing" antitrust laws, which the Times no doubt assumed was costless.
Comments (3)
Dennis Sperduto
"The American economy cannot thrive without antitrust laws."
Since the august New York Times is on the subject of trusts and monopoly, it should be intellectually consistent and address the largest, by far, monopolist of all, the state. Why not abolish the theft of money and other property that is the lifeblood of the state, and require that virtually every function performed by the state be opened to competition.
Published: May 26, 2009 1:24 PM
Bill Anderson
Good point. If the NYT makes a comment on economics, it almost surely is wrong, and usually 180 degrees of sound thinking.
I had no idea that our economy could thrive only when the government prosecutes a lot of businesses. Amazing. I always thought that such actions would raise business costs and make business owners more risk averse, thus creating fewer economic activities.
But, the Newspaper of Jayson Blair, Judith Miller, and Walter Duranty is staffed by the most brilliant minds in the world. Just ask the young men falsely charged in the Duke Lacrosse Case what they think of the NYT "brilliance."
Published: May 26, 2009 1:26 PM
R. L. "Buzz" Higgins
I am a newcomer to your site. I will visit quite often as I agree with Mr. Mises. As far as the New York Times is concerned, is it any wonder that they are slowly but surely going broke. They have gone over the line for a lot of people and they can no longer be trusted to tell the truth that the Anointed One.
Published: May 26, 2009 11:20 PM