Thursday, July 14, 2005

Antitrust Gone Wild

This antitrust suit against NASCAR is just plain idiotic - as are antitrust laws. Here's what Milton Friedman has said about antitrust laws in the past:
"When I started in this business, as a believer in competition, I was a great supporter of antitrust laws; I thought enforcing them was one of the few desirable things that the government could do to promote more competition. But as I watched what actually happened, I saw that, instead of promoting competition, antitrust laws tended to do exactly the opposite, because they tended, like so many government activities, to be taken over by the people they were supposed to regulate and control. And so over time I have gradually come to the conclusion that antitrust laws do far more harm than good and that we would be better off if we didn’t have them at all, if we could get rid of them. But we do have them."