Former FTC Chairman James C. Miller III, tells the story of how, in the early 1980s, Chrysler head Lee Iacocca requested that the FTC block a proposed joint venture between General Motors and Toyota. The request was denied. GM and Toyota formed the New United Motor Manufacturing Corporation. Iacocca entered into his own joint venture with Mitsubishi.
Scrooge came in the form of government last year. The company Bill Gates built into the planet's leading money machine is still the target of a federal probe and a senate inquiry. The charge: anti-competitive behavior.
Today's antitrust enforcement reduces tragedy to farce. A federal judge recently upheld the Federal Trade Commission's charge that Toys R' Us conspired to prop up the price of Mr. Potato Head. Why? Because the retail outlet liked to make exclusive deals.
Mises on monopoly prices in the new Quarterly Journal of Austrian Economics.
Scott Adams, creator of the comic strip Dilbert, emerged a few years back as one of the cleverest cartoonists in the long history of that art. His eponymous protagonist, by now familiar to everyone, is a software engineer with vaguely defined duties at a large technology firm. Dilbert's closest companion is Dogbert, a philosophical pooch with the self-professed aim of world conquest.
Doctoral dissertations seldom make good books. Even the most trivial assertion in a thesis must be footnoted; and the author, much to the reader's discomfort, must demonstrate his control of his subject in excruciating detail.
The federal government has rocked the art market by conducting its broadest ever investigation of New York auction houses and dealers. Some two dozen reputable New York art dealers, including Christie's and Sotheby's, have received subpoenas for all types of bidding records.
The 5th Street Theater in Seattle, Washington, is one of a dwindling number of houses of its kind. It receives no government money whatsoever. Its revenues come from a permanent endowment and ticket sales to its popular, if small-scale shows. Its charter prevents it from raising money from other private sources. It keeps a low profile in the arts community, but its staff is as loyal and dedicated as its steady stream of patrons.
The physical impossibility of Santa got me thinking about the economics of the old boy's operations. After all, he is not paid for the goods he delivers, and it would be improper for him to send a bill the next morning. Nobody asked him to leave the stuff, or contracted with him to do so. But that means he gets no feedback from the consumer, much less a clear indication of profit or loss.
