Darwin Wept: Pyramid Schemes, Collusion, and Price-Fixing, the Modern American Way
The story hardly bears repeating: Pricing is the ultimate miracle of Darwinian markets. Competitors who produce goods at lower prices thrive, expand their operations, and produce more. Those who charge higher prices (for equivalent goods) are driven to extinction when sensible purchasers abandon them for their more-efficient competitors. This inexorable mechanism drives innovation, investment, and productivity, […]