The Case for Small Government

A Libertarian Perspective on Economic and Social Policy

April 14, 2006

Antitrust

One way governments regulate business is through antitrust law, which prohibits monopolization and other business practices deemed to lessen competition.

The standard argument for antitrust is that monopolies restrict output and raise price above costs. Consumers who value the good at more than cost but less than the monopoly price lose out.

This perspective is correct as far as it goes. But other considerations suggest antitrust does more harm than good.

To begin, existing evidence does not suggest monopoly or market power would be rampant without antitrust. Monopoly and market power unquestionably exist in the short run, such as when a new product emerges. Over time, however, innovation and competition erode much of this monopoly power. Thus, the need for antitrust is less compelling than it might appear.

In addition, antitrust laws have their own negatives. Mergers and takeovers can improve efficiency by permitting economies of scale or scope. The threat of takeover is one mechanism that disciplines bad management practices. And limiting monopoly profits can reduce the incentive for innovation. Thus antitrust might increase short-term efficiency but decrease long-term efficiency by reducing technological progress.

Antitrust policy also distracts attention from cases where governments, not markets, create monopoly or market power. Examples include public schools and the Post Office. More generally, governments erect numerous barriers to entry in the form of fees, permits, and licenses.

If antitrust limited itself to the most obvious and egregious cases, such as naked price-fixing, the benefits would plausibly exceed the harm. But ideal antitrust enforcement does not exist. Rather, the history of antitrust illustrates the mission creep and overextension that often characterize government intervention.

42 Comments:

At 4:37 PM, Anonymous Biopolitical said...

So, do you support government intervention to avoid naked price-fixing? I think I would allow price agreements between agents (as long as competitors willing to set other prices are allowed to enter the industry) but would not allow those agreements to be enforceable in court. What do you think?

 
At 8:24 PM, Blogger Brian said...

"naked price-fixing"

It sounds so evil :)

Let private companies try. Unfortunately for aspiring monopolists and colluders, market forces won't allow "price fixing".

Name a successful case of long term monolopy pricing in a free market. I can't think of one.

 
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At 6:43 AM, Blogger Mike Huben said...

Here we have a prime example of how to bamboozle casual readers with the "some reasons for, some reasons against" strategy of argument. The key to such argument is that it is innumerate: one side might be very minor in cost, while the other side may be quite enormous in cost.

Anticompetitive business practices are enormous in cost. Anybody who's paid attention to business news in the past decade should remember the $600,000,000 record fine charged to just one set of cartelists. In agricultural products alone, it is estimated that cartel-based overcharges to consumers were approximately $13,000,000,000. See: THE FOOD AND AGRICULTURAL GLOBAL CARTELS OF THE 1990s: OVERVIEW AND UPDATE.

And that's just agricultural cartels. There are lots of others in many other industries, including semiconductor memory.

Claims that monopoly power is a short-run phenomenon and thus anti-trust is "less compelling" are blatant excuse making. Any theft can be characterized as short run. Tyrants, because they have merely human life spans, are short run. They still should be opposed. And of course, short-run is debatable too: the DeBeers diamond cartel is still running after roughly 100 years.

Miron's post is just another typical example of ahistorical, innumerate libertarian handwaving arguments disguised as "informative" statements.

 
At 6:51 AM, Blogger Mike Huben said...

Ah: I do have another good resource at my site: Liberty! What Fallacies Are Committed in Thy Name!

Cosma Shalizi does a brilliant stomping on the typical libertarian fallacies of this subject.

 
At 1:56 PM, Blogger smilerz said...

Mike, you obviously do not understand the libertarian (or free-market) argument. The argument is not markets are perfect so let them just do their thing. The argument is that markets are better at correcting themselves than governments. Governments encourage rent-seeking, they encourage collusion from market competitors and impose very large costs for only marginal benefits.

ADM Midland was accused of price-fixing, this is one of the areas that Miron concedes that govenrment may have a legitimate interest and could offer benefits that exceed the costs. Your counter example does nothing to support your argument.

The current definition of anti-competitive practices include prices too low, prices too high, and keeping prices the same.

When you can be accused of being anti-competitive simply for being successful I think that it is clear that the anti-trust regulations of the US are clearly broken.

 
At 5:36 PM, Blogger James said...

huben,

Look at your own objection to Miron's argument: "Here we have a prime example of how to bamboozle casual readers with the "some reasons for, some reasons against" strategy of argument. The key to such argument is that it is innumerate: one side might be very minor in cost, while the other side may be quite enormous in cost."

Now look at your own argument. You give some reasons for antitrust, zero reasons against. You give numbers representing the costs of cartels, but you neglect to provide the costs of intervention to compare them against.

I understand. Any argument is good enough if it reaches a nonlibertarian conclusion. No argument is satisfactory if it reaches a libertarian conclusion.

I especially like the blog you linked to. The first two sentences of the final paragraph read "I eagerly await a new article by Moore, or one of his ilk, arguing that the persistence of price-fixing shows that the Sherman Act, like all government regulation, is ineffective and accordingly should be scrapped. I will award extra points if they are able to argue that it has the perverse consequence of encouraging price-fixing."

In other words, the writer already knows what a part of the libertarian argument against antitrust is, but rejects it preemptively because it might come from a libertarian.

Even where you provide (two!) examples, they don't really support your case. The markets for diamonds and vitamins are hardly free markets. The former is largely controlled by the South African government because profits on diamond sales constitute such a large part of that nation's tax base. Every step in the production of vitamins and nutritional suplements is regulated by the government in the U.S. And even supposing that these cartels would have existed without the associated interventionist policies, this still doesn't show that further interventionism (in the form of antitrust regulation) would be better, not worse, than doing nothing.

 
At 10:15 PM, Blogger Mike Huben said...

The way I score it, James, no libertarian here has produced one number. Totally innumerate.

All you have is hand waving and the principle of "whoever responds last, no matter how stupid or wrong their argument, wins."

And I don't know where you get drivel like "Every step in the production of vitamins and nutritional suplements is regulated by the government in the U.S." Give me a credible source. Oh, and then explain how that fostered cartels.

As for diamonds, even if South Africa aids the cartel (an unproven assertion), the cartel came first because of the scarcity of decent mines for diamonds. And the proper solution is abolition of the cartel by government, because markets won't do it.

 
At 11:16 PM, Blogger smilerz said...

Mike, You follow up this:
"Every step in the production of vitamins and nutritional suplements is regulated by the government in the U.S."

With this:
Give me a credible source. Oh, and then explain how that fostered cartels.

Then this:
The former is largely controlled by the South African government because profits on diamond sales constitute such a large part of that nation's tax base.

With this:
As for diamonds, even if South Africa aids the cartel (an unproven assertion), the cartel came first because of the scarcity of decent mines for diamonds.


Notice that you refute the original claims by stating they have no source or are unproven. Yet follow up with your own theories without providing any sources or research of your own.

I can certainly understand not being swaying by short essays on a blog, but dismissing them because they have no proof then proposing similarly unsupported claims is dishonest at best.

As for your conclusion:
And the proper solution is abolition of the cartel by government, because markets won't do it.
You have not acknowledged (or probably even understand) what conditions exist that allow the cartel to operate when economic theory would state it would be short-lived (like the OPEC Cartel was). Yet you claim the market won't do it. By what theory of economics do you derive that assertion?

Even if the cartel exists naturally, without govt intervention (not a point I'm willing to concede yet) you have offered no evidence for why it should be broken up. Diamonds are, largely, a luxury - what societal gain is there by breaking up the Da Beers cartel? What are some unintended consequences of such an action? Do those risks outweigh the gain? You simply state that we should break them up with absolutely no supporting evidence

 
At 2:17 AM, Blogger James said...

huben,

Who claims that "whoever responds last, no matter how stupid or wrong their argument, wins."? Unless you are referring to a recent satirical paper by Block, I have no idea what libertarian claims this.

Re: my claim about regulation of the production of vitamins and supplements, do I really need to convince you that this is a highly regulated industry? Your credible sources are the EPA, FDA, DEA, and so on. Call up these organizations and tell them that you plan to begin producing and selling your own line of supplements and that you will not concern yourself with any guidelines they might have. Let me know how it works out. Given that compliance with the three letter agencies just mentioned isn't costless, their activities constitute barriers to entry, a prerequisite for a cartel to form.

Re: DeBeers, there isn't much online, but see this. (Scroll down to #18). It covers the past history of DeBeers, from its founding by a politician to its use of the government to "investigate illicit diamond buying." Of course today, far more diamonds come from Botswana than from South Africa. And as was the case before Botswana became a source for diamonds, DeBeers relies on government support to maintain their monopoly. In Botswana, all of the diamond mines are jointly owned by the Botswana government and DeBeers.

 
At 6:37 AM, Blogger Mike Huben said...

I don't like using the "ignorant" word much, James, but you are ignorant of the nature of the monopolies in vitamins and other agricultural commodities. Why don't you read the article I linked to.

Regulation per se doesn't necessarily cause monopoly. Many, many industries are highly regulated by even more agencies, but have little or no monopoly. You can wave your hands all you want, but until you establish a causal regulation, your argument just doesn't follow. There are a number of conditions needed for cartels, and we see cartels where those conditions exist. Not otherwise. This is fairly well studied economics, and playing the "praise all good from the market, blame all evil on the government" game is foolish.

 
At 9:59 AM, Blogger smilerz said...

Mike, no one has claimed that monopolies exist where there is regulation. The causation is, in fact, just the opposite - monopolies cannot exist where there is not regulation to support them.

 
At 12:44 PM, Blogger James said...

huben,

You ask me to support my claims. I do and you call me ignorant. Swell. As it happens, you're neither the first, nor the fiftieth non-libertarian with whom I've discussed various aspects of libertarianism. You are, however, the first to resort to pejoratives for lack of a better argument.

Is there anything in particular in that article you think I missed? Cite a page and paragraph.

 
At 4:39 PM, Anonymous Laurent GUERBY said...

"Antitrust policy also distracts attention from cases where governments, not markets, create monopoly or market power. Examples include public schools and the Post Office. More generally, governments erect numerous barriers to entry in the form of fees, permits, and licenses."

I'm really surprised you didn't mention the so-called "Intellectual Property" laws as a massive and provably harmful government intervention in the free market which would work much much better without it.

Or may be you're advertising a much bigger government after all?

 
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