The problem with Obama's antitrust plan

[Commentary] The Obama administration recently signaled a new, tougher antitrust policy. But the free market does not need more strict antitrust policy; it needs simple protection from fraud. The problem is that, in the 119 years that antitrust laws have existed, there is little empirical evidence that "vigorous enforcement" of them can promote the interests of consumers. And it was for the alleged benefit of the consumers that the laws were created. Indeed, antitrust history is riddled with silly theories and absurd cases that themselves have restricted and restrained free-market competition and hampered an efficient allocation of resources. A look at a few examples is reason to believe that President Obama's antitrust regulation won't be any different.

[Armentano is a research fellow of the Independent Institute.]