The Meaning Of the Clemens Mistrial

The Meaning Of the Clemens Mistrial

  Whatever one thinks of Roger Clemens’ veracity (let alone possible steroid use), the idea that his criminal trial ends without a verdict because the prosecutors blatantly disregarded the court’s instructions by showing the jury inadmissible evidence is just astounding. Brings to mind former Supreme Court Justice Benjamin Cardozo’s famous question from the 1920s — […]

Airline Mergers and Oligopoly Pricing

Airline Mergers and Oligopoly Pricing

The airline industry charges lower prices today than a decade ago, despite substantial consolidation and massive, billions-per-year operating losses. As a matter of economics, those facts teach that the market is highly competitive. Some antitrust Neanderthals may disagree, but they are reading from a hymnal that no longer has much spiritual resonance.