Tuesday, December 09, 2003


A great quote from Judge Alex Kozinski in an antitrust case:
Stripped to its essentials, defendants' argument is that some of the firms they wanted to include in the joint venture were so inefficient that they could survive only under cartel pricing. Defendants' concern for the weakest among them has a quaint Rawlsian charm to it, but we find it hard to square with the competitive philosophy of our antitrust laws. Inefficiency is precisely what the market aims to weed out. The Sherman Act, to put it bluntly, contemplates some roadkill on the turn-pike to Efficiencyville.

Freeman v. San Diego Ass'n of Realtors, 322 F.3d 1133, 1157 (9th Cir. 2003).


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