ECONOMICS – Competition, profit and common sense*

Sometimes things don’t go as expected. Competition is one of them. Colin Teese explains.Competition policy is, as they say, being ‘gone over’. A Senate Select Committee has circulated its interim findings on the subject entitled – Competition Policy; Friend or Foe:Economic Surplus, Social Deficit? Hot on its heels came the Productivity Commission’s Impact of Competition Policy Reforms on Rural and Regional Australia. The preferred control option of economic rationalists for containing free marke…

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