Market power and regulation by Jean Tirole, compiled by the Economic Sciences Prize Committee of the Royal Swedish Academy of Sciences (2014). “To what extent should the government intervene in the marketplace? Economists often consider fiercely competitive markets to be in the public interest. When producers in such markets strive to earn a profit, they are led – as if by an invisible hand – to deliver high quality at low cost. But many industries are not very competitive, and this lack of competition widens the scope for beneficial public intervention.”
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