Friday, September 24, 2010

The Consequences of True Monopoly

Contrary to academics and politicians alike, there's no meaning to the term "monopoly" except when it's established by (government) force. That's the principle underlying this observation by the WSJ:
Government pension systems are inherently flawed because the politicians who bestow benefits upon state workers are the same politicians who seek votes and campaign contributions from the unions representing these workers. When it's time to negotiate the benefits, the politicians and unions are often sitting on the same side of the table, facing no one representing the taxpayers.

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