Chillin'Competition

Relaxing whilst doing Competition Law is not an Oxymoron

Early Sunday Quote

with 39 comments

Ronald Coase once said:

“One important result of this preoccupation with the monopoly problem is that if an economist finds something—a business practice of one sort or other—that he does not understand, he looks for a monopoly explanation. And as in this field we are very ignorant, the number of ununderstandable practices tends to be very large, and the reliance on a monopoly explanation, frequent.”

A quote worth ruminating, in light of the increased interest of antitrust agencies’ for unilateral conduct in dynamic industries.

Found on TOTM. The real source is Ronald H. Coase, “Industrial Organization: A Proposal for Research,” in Victor Fuchs, ed., Policy Issues and Research Issues in Industrial Organization (New York, NY: National Bureau of Economic Research, 1972), p. 69.

Written by Nicolas Petit

19 December 2010 at 3:58 pm

Posted in Uncategorized

39 Responses

Subscribe to comments with RSS.

  1. Today, and before reading this post, I read the exact same quote on an article written by Manne and Wright (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1577556 ) and seen another of Hopper’s Sunday pictures at a museum in Madrid !!

    Alfonso Lamadrid

    19 December 2010 at 9:26 pm

  2. That one would also be fitting: “Ronald [Coase] said he had gotten tired of antitrust because when the prices went up the judges said it was monopoly, when the prices went down they said it was predatory pricing, and when they stayed the same they said it was tacit collusion.” William Landes, “The Fire of Truth: A Remembrance of Law and Econ at Chicago”, JLE (1981) p. 193.
    P.S: If you read some german and are interested also in Swiss competiton law, I recommend this blog: www-kg-revision.com

    Adrian Raass

    20 December 2010 at 11:04 am

  3. “Consumers said they had gotten tired of antitrust because when the prices went up the lawyers said it was to finance investment ex-ante, when the prices went down they said it was cut-throat pricing rivalry, and when they stayed the same they said it was unconscious price parallelism.” That is to say, when lawyers (re)discover this too-often-quoted Coase’s quote, reach for you wallet….

    Paolo

    21 December 2010 at 4:29 pm

  4. […] Perhaps Congress’ enthusiasm for ongoing government oversight of business decisions, embodied in tomorrow’s closed door markup of the American Innovation and Choice Online Act (S. 2992), is best explained by a quote from economist Ronald Coase: […]

  5. […] institutions of capitalism” are in reality mind-bogglingly creative, nuanced, and complex. These intellectuals and officials arrogantly suppose that any contractual term or organizational arrangement that they cannot immediately understand as […]

  6. […] institutions of capitalism” are in reality mind-bogglingly creative, nuanced, and complex. These intellectuals and officials arrogantly suppose that any contractual term or organizational arrangement that they cannot immediately understand as […]

  7. […] institutions of capitalism” are in reality mind-bogglingly creative, nuanced, and complex. These intellectuals and officials arrogantly suppose that any contractual term or organizational arrangement that they cannot immediately understand as […]

  8. […] institutions of capitalism” are in reality mind-bogglingly creative, nuanced, and complex. These intellectuals and officials arrogantly suppose that any contractual term or organizational arrangement that they cannot immediately understand as […]

  9. […] institutions of capitalism” are in reality mind-bogglingly creative, nuanced, and complex. These intellectuals and officials arrogantly suppose that any contractual term or organizational arrangement that they cannot immediately understand as […]

  10. […] institutions of capitalism” are in reality mind-bogglingly creative, nuanced, and complex. These intellectuals and officials arrogantly suppose that any contractual term or organizational arrangement that they cannot immediately understand as […]

  11. […] institutions of capitalism” are in reality mind-bogglingly creative, nuanced, and complex. These intellectuals and officials arrogantly suppose that any contractual term or organizational arrangement that they cannot immediately understand as […]

    The Myopia of Antitrust

    23 September 2022 at 5:13 pm

  12. […] institutions of capitalism” are in reality mind-bogglingly creative, nuanced, and complex. These intellectuals and officials arrogantly suppose that any contractual term or organizational arrangement that they cannot immediately understand as […]

  13. […] institutions of capitalism” are in reality mind-bogglingly creative, nuanced, and complex. These intellectuals and officials arrogantly suppose that any contractual term or organizational arrangement that they cannot immediately understand as […]

  14. […] institutions of capitalism” are in reality mind-bogglingly creative, nuanced, and complex. These intellectuals and officials arrogantly suppose that any contractual term or organizational arrangement that they cannot immediately understand as […]

  15. […] institutions of capitalism” are in reality mind-bogglingly creative, nuanced, and complex. These intellectuals and officials arrogantly suppose that any contractual term or organizational arrangement that they cannot immediately understand as […]

  16. […] institutions of capitalism” are in actuality mind-bogglingly artistic, nuanced, and complicated. These intellectuals and officials arrogantly suppose that any contractual time period or organizational association that they can’t instantly […]

  17. […] institutions of capitalism” are in reality mind-bogglingly creative, nuanced, and complex. These intellectuals and officials arrogantly suppose that any contractual term or organizational arrangement that they cannot immediately understand as […]

  18. […] institutions of capitalism” are in reality mind-bogglingly creative, nuanced, and complex. These intellectuals and officials arrogantly suppose that any contractual term or organizational arrangement that they cannot immediately understand as […]

  19. […] institutions of capitalism” are in reality mind-bogglingly creative, nuanced, and complex. These intellectuals and officials arrogantly suppose that any contractual term or organizational arrangement that they cannot immediately understand as […]

    The Myopia of Antitrust -

    23 September 2022 at 5:44 pm

  20. […] institutions of capitalism” are in reality mind-bogglingly creative, nuanced, and complex. These intellectuals and officials arrogantly suppose that any contractual term or organizational arrangement that they cannot immediately understand as […]

  21. […] institutions of capitalism” are in reality mind-bogglingly creative, nuanced, and complex. These intellectuals and officials arrogantly suppose that any contractual term or organizational arrangement that they cannot immediately understand as […]

  22. […] institutions of capitalism” are in reality mind-bogglingly creative, nuanced, and complex. These intellectuals and officials arrogantly suppose that any contractual term or organizational arrangement that they cannot immediately understand as […]

  23. […] institutions of capitalism” are in reality mind-bogglingly creative, nuanced, and complex. These intellectuals and officials arrogantly suppose that any contractual term or organizational arrangement that they cannot immediately understand as […]

  24. […] institutions of capitalism” are in reality mind-bogglingly creative, nuanced, and complex. These intellectuals and officials arrogantly suppose that any contractual term or organizational arrangement that they cannot immediately understand as […]

  25. […] institutions of capitalism” are in reality mind-bogglingly creative, nuanced, and complex. These intellectuals and officials arrogantly suppose that any contractual term or organizational arrangement that they cannot immediately understand as […]

  26. […] institutions of capitalism” are in reality mind-bogglingly creative, nuanced, and complex. These intellectuals and officials arrogantly suppose that any contractual term or organizational arrangement that they cannot immediately understand as […]

  27. […] of capitalism” are in actuality mind-bogglingly inventive, nuanced, and complicated. These intellectuals and officers arrogantly suppose that any contractual time period or organizational association that they can’t instantly […]

    The Myopia Of Antitrust -

    23 September 2022 at 6:08 pm

  28. […] institutions of capitalism” are in reality mind-bogglingly creative, nuanced, and complex. These intellectuals and officials arrogantly suppose that any contractual term or organizational arrangement that they cannot immediately understand as […]

  29. […] institutions of capitalism” are in reality mind-bogglingly creative, nuanced, and complex. These intellectuals and officials arrogantly suppose that any contractual term or organizational arrangement that they cannot immediately understand as […]

  30. […] institutions of capitalism” are in reality mind-bogglingly creative, nuanced, and complex. These intellectuals and officials arrogantly suppose that any contractual term or organizational arrangement that they cannot immediately understand as […]

  31. […] institutions of capitalism” are in reality mind-bogglingly creative, nuanced, and complex. These intellectuals and officials arrogantly suppose that any contractual term or organizational arrangement that they cannot immediately understand as […]

  32. […] economic institutions“They are truly mind-blowingly creative, whimsical and complex. These scholars and officials are arrogant Any contractual terms or organizational arrangements that cannot be immediately understood as a […]

  33. […] institutions of capitalism” are in reality mind-bogglingly creative, nuanced, and complex. These intellectuals and officials arrogantly suppose that any contractual term or organizational arrangement that they cannot immediately understand as […]

  34. […] establishments of capitalism” are in fact mind-bogglingly ingenious, nuanced, and complicated. Those intellectuals and officers arrogantly think that any contractual time period or organizational association that they can not straight away […]

  35. […] institutions of capitalism” are in reality mind-bogglingly creative, nuanced, and complex. These intellectuals and officials arrogantly suppose that any contractual term or organizational arrangement that they cannot immediately understand as […]

  36. […] “economic institutions of capitalismare actually stunningly creative, nuanced and complex. These intellectuals and officials arrogantly assume that any contractual condition or organizational arrangement which they cannot immediately […]

  37. […] of capitalism” are in actuality mind-bogglingly artistic, nuanced, and sophisticated. These intellectuals and officers arrogantly suppose that any contractual time period or organizational association that they can not instantly perceive […]

  38. […] institutions of capitalism” are in reality mind-bogglingly creative, nuanced, and complex. These intellectuals and officials arrogantly suppose that any contractual term or organizational arrangement that they cannot immediately understand as […]

  39. […] institutions of capitalism” are in reality mind-bogglingly creative, nuanced, and complex. These intellectuals and officials arrogantly suppose that any contractual term or organizational arrangement that they cannot immediately understand as […]

    The Myopia of Antitrust |

    27 September 2022 at 12:11 am


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: