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Market power doesn't exist. I thought that was the axiom in elementary economics, right?

The brainless should not be in banking -- Willem Buiter
by Migeru (migeru at eurotrib dot com) on Tue Mar 16th, 2010 at 04:14:52 PM EST
[ Parent ]
Free market theories are rife with contradictions, chief among these being conditions of perfect information, ceteris paribus, that foreclose monopoly to all participants but the state, which doesn't or shouldn't exist either.

Diversity is the key to economic and political evolution.
by Cat on Wed Mar 17th, 2010 at 08:31:29 AM EST
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