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December 04, 2013

"Markets versus Government: Real Alternatives versus Possibilities"

Randall Holcombe makes a simple but important point.

One difference between choice in markets versus choice in government is that in markets, people choose among alternatives that already exist, whereas with government, people choose among alternatives that might exist in the future. When people cast their dollar votes, sellers in markets already have the products available, whereas when they vote at the ballot box, they are choosing among sellers (candidates) who advertise products they hope to produce if they are elected.

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david foster

When IBM announced products that it didn't actually ever wind up making...with the intent of keeping customers from jumping to competitors...DOJ brought an antitrust case against them.

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