Liberty! What Fallacies Are Committed in Thy Name!

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Cosma Shalizi points out that libertarian-style arguments about eliminating antitrust have severe empirical difficulties: ie. price fixing is rampant in the global marketplace.

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In the real world, "monopoly rents" and "abnormal rates of return" are known as "acceptable profits", and serious investors have a word for someone who proposes to start a company in a field without barriers to entry. That word is "idiot", usually followed by remarks on the order of "Why are you wasting my time with crap?"
Cosma Shalizi, "Liberty! What Fallacies Are Committed in Thy Name!Liberty! What Fallacies Are Committed in Thy Name!"
Libertarian capitalism... is a curious ideology in many ways... On the one hand, the sanctity of private property and private contracts is held to be a matter of inalienable natural right, guaranteed by the fundamental facts of morality, if not a basic part of Objective Reality; capitalism is the Right Thing to Do. On the other hand, much effort is devoted to arguing that unfettered laissez-faire capitalism is also the economic system which will produce the greatest benefit for the greatest number, indeed for all, if only people would just see it. Natural right therefore coincides exactly with personal interest. A clearer example of wishful thinking could hardly be asked for.
Cosima Shalizi, "Liberty! What Fallacies Are Committed in Thy Name!Liberty! What Fallacies Are Committed in Thy Name!"