The False Profits of Antitrust
For more than two centuries economists have been at a loss to explain profit. Tragically, false theories, of profit have become an integral part of the pseudo-intellectual, Byzantine edifice of antitrust law. Instead of refuting false profit theories, modern economists have imagined an "ideal" world of "pure and perfect competition" that expunges "unearned" profit and the "robber barons" who garnish it. Antitrust law is unjust because it violates business freedoms. Nor is perfect competition consistent with any rational theory of profit, since it presumes that the phenomenon to be explained does not or should not exist. In justice-and in a proper economics-antitrust law should be abolished. A proper theory of profit will help achieve that worthy goal. Antitrust law is unjust because it rests on dogma and steals earned wealth. The heroic profit makers deserve to be liberated from it-once and for all.