Summary
THE FIRST CONCEPT an economics student learns is that for every benefit there's also a cost -- or, as my longtime colleague and friend Nobel Laureate Milton Friedman has put it, "There's no free lunch." While the person who receives the benefit might not pay or even be aware of the cost, as sure as night follows day there is a cost paid by someone.
One of the effects of competition is that of revealing costs and least-cost methods of production. When the government gave AT&T a monopoly over much of the telecommunications industry and the Civil Aeronautics Board sponsored the airline cartel, both telecommunication and air travel were far more expensive than they are today. The introduction of competition not only revealed that the services could be provided more cheaply, but brought about massive innovation, as well.See the full content of this document
Extract
Be Honest About Costs of Regulation
International trade is a form of competition, and as such it also reveals costs and least-cost methods of production. American workers are the most pr...
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