Monday, August 2, 2010

Practical economics

Before Jimmy Carter bought into the deregulation mania of the 1970s, you could book a round-trip itinerary without making sure that both legs were on the same airline. Here in 2010, I just heard an Expedia ad that touts that as a great new selling point.

Is 35 years long enough to prove that the free market is often not efficient?

Update (8/4): The free market seldom takes this long to discover opportunities such as these to screw us, purely as a result of their market power.

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