Competition tends to bring about a better product or service, at a lower price, than does monopoly. This is a basic premise held by virtually all economists, disputed by pretty much no one in the profession. The entire antitrust edifice of the American system is built upon this foundational aspect of the dismal science.
And yet when push comes to shove, our society jettisons this insight, at least when it comes to assuring the quality of our food and drugs.
The Food and Drug Administration is a monopoly agency entrusted with this task. Its word is final concerning such matters. No competition is allowed. If a private agency set itself up as an alternative, it would first be subjected to raucous laughter, and then its creators jailed.
The FDA is a licensing agency. If it does not approve of a food or drug, it is illegal to offer it for sale. What is the non-monopolistic alternative to this sad state of affairs? This is called certification. How, pray tell, does this work? It is simple. Different firms set themselves up as evaluators of the quality of food and drugs, and each of them subjects these products to their examinations. They certify some as approved, and list others as not approved. Read More
Five U.S. athletes have tested positive for coronavirus prior to the start of the Tokyo Olympics, crushing their dreams of competing in the world’s largest sporting event.
U.S. men’s basketball player Bradley Beal tested positive on July 15 which made him unable to travel to Tokyo, USA basketball announced in a tweet.
U.S women’s tennis star Coco Gauff announced on twitter that she tested positive for COVID on July 18. Gauff, 17, received her positive test in Tokyo, and has been barred from competing in the Olympic games, according to the tweet. Read More
President Joe Biden is taking aim at Big Tech and Big Telecom’s growing power with a new executive order that will add regulations and facilitate competition within the industries.
The order, which Biden is expected to sign Friday, includes over 70 provisions, all aimed at promoting competition within tech and telecom, both of which have become more monopolistic in recent years.
It encourages the Federal Trade Commission to overhaul its rules regarding personal data collection and bans unfair competition practices online, according to a White House fact sheet. It also calls for more scrutiny when examining potential corporate mergers, especially when a larger corporation acquires a smaller one or when it could affect customers’ privacy or competition within the sector. Read More
Monday morning on the Tennessee Star Report, host Michael Patrick Leahy welcomed the original all-star panelist Crom Carmichael to the studio to discuss Big Pharma and the illusion of a free market. Read More
Wednesday morning on the Tennessee Star Report, host Michael Patrick Leahy welcomed the original all-star panelist Crom Carmichael to the studio to discuss the nature of markets, competition, and federalism and it’s place in the national landscape. Read More
This writer and others who for decades railed against outsourcing industries to the People’s Republic of China were long dismissed as crackpots and Luddites. Now many of those who were doing the dismissing have been forced to admit the true cost of cheap goods is very high.
The Chinese Communist Party virus has exposed many of our nation’s infirmities.
The most glaring is our dependence on Communist China for medicine, medical equipment, and so many other essential goods. Read More
The 2020 Tennessee Star Constitution Bee is open for registration! If you have a secondary school-level student enrolled in a public or private school, or an accredited home school program, they are eligible to participate in the 2020 Tennessee Star Constitution Bee, a one-day event to be held Saturday,… Read More
by Rick Manning The bedrock of American commerce – and of the broader capitalist experiment – has always been competition. If you can build a better mousetrap, invent a longer-lasting light bulb or more efficiently churn out widgets (or in this case, clichés), odds are your endeavor will encounter success. It doesn’t… Read More