November 15, 2010
Judges as profit-maximizing cartel defectors
Cartels that aren't supported by legal sanctions find it very difficult to keep members from defecting. Even when a cartel is made up of the smartest, noblest, wisest, most public-spirited people in the world --U.S. federal judges -- some members will break their promises when it's to their advantage to do so, as Josh Wright points out over at Truth on the Market.
November 15, 2010 | Permalink
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