Quote of the Day

Q Does everyone have a novel in them?

ALK: They have all kinds of things in them – liver, spleen, perhaps recklessly inserted lightbulbs. Whether you want any of those things to be removed and then sold to strangers is the question.

AL Kennedy.

2 comments on “Quote of the Day

  1. This is a total change of subject … but … a very useful way to understand market structure is to realize that monopolies are very common.

    We all have them: I have a monopoly on sales of my next hip hop CD.

    The thing is, with free entry and exit, most of those monopolies are never observed out in the real world.

    The insight is that the monopolies that we do see are likely to be the ones that make money.

    By definition, this suggests that what we are really interested in regulating is not monopoly power, but other people’s profits.

    It doesn’t sound so unobjectionable when you put it that way, does it?

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