Utopia, you are standing in it!

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

Originally posted on Der Whigphilosophie Der Geschichte:
One of the great joys of the current chaotic position of the Labour party, as the retro-eighties hard left under their charismatic leader Wolfie Smith, err, I mean Jeremy Corbyn struggle to impose the direction of a Leninist vanguard on the recalcitrant reactionary bourgeoisie of the PLP, is…

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Originally posted on Der Whigphilosophie Der Geschichte:
Or – ‘The Corbynites Shoot Themselves In the Foot With Those Ignorant Historical Parallels.  Again’. Spitfire Mk I’s from the first production order (indicated by the K-prefixed serials), flown by No. 19 Squadron, the first RAF unit to receive them, in September 1938. These aircraft would not have…

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With a straight face, the Labour Party and the Greens claim that state-owned enterprises should not be sold because taxpayers give up the future dividend stream. Source: New Zealand Treasury – data released under the Official Information Act. Leaving to one side what the sale price is the net present value of, for as far …

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The New Zealand Treasury understands neither who pays company taxes when capital is internationally mobile nor why Ireland was relentlessly bullied over its 12.5% company tax rate. Source: New Zealand Treasury Official Information Act response – Advice on new capital or wealth taxes, 9 February 2016. The Treasury makes the surprising claim that the benefits …

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Originally posted on Climatism:
Warming fears are the “worst scientific scandal in the history…When people come to  know what the truth is, they will feel deceived by science and scientists.” – UN IPCC  Japanese Scientist Dr. Kiminori Itoh, an award-winning PhD environmental physical chemist. “The whole climate change issue is about to fall apart — Heads will roll!” –…

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Justice Scalia, Monopolization, and Economic Efficiency

February 18, 2016

Truth on the Market

The late Justice Antonin Scalia’s magisterial contributions to American jurisprudence will be the source of numerous learned analyses over the coming months.  As in so many other doctrinal areas, Justice Scalia’s opinions contributed importantly to the sound development of antitrust law, and, in particular, to the assessment of monopolization.  His oft-cited 2004 opinion for the U.S. Supreme Court in Verizon v. Trinko, on which I will focus, is particularly noteworthy.

In Trinko, the “dominant” telecommunications carrier Verizon had been required by the Telecommunications Act of 1996 (1996 Act) to make individual elements of its local network available to new competing “local exchange carriers” (LECs) on an “unbundled” cost-based basis.  The Federal Communications Commission (FCC) penalized Verizon for providing inadequate network access to certain competitors, in violation of complex FCC regulations implementing the 1996 Act.  (Although the Supreme Court’s Trinko decision did not explicitly discuss the point, the byzantine…

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A surprisingly large number of Filipino billionaires are in the financial sector. Source: Caroline Freund and Sarah Oliver, The Origins of the Superrich: The Billionaire Characteristics Database (2016).

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Originally posted on lettertosanders:
Dear Senator Sanders and Professor Gerald Friedman, We are former Chairs of the Council of Economic Advisers for Presidents Barack Obama and Bill Clinton. For many years, we have worked to make the Democratic Party the party of evidence-based economic policy. When Republicans have proposed large tax cuts for the wealthy…

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