Economics, like the economy, cannot thrive without a little creative destruction. This article appeared in the Finance & economics section of the print edition under the headline “Barriers to ...

Antitrust law has a 150-year history in the U.S., designed to ensure sufficient competition in the marketplace to keep prices at or near the social welfare maximizing level that would prevail ...

Perfect competition is a theoretical market model with identical products, full market info, and free entry/exit. In perfect competition, firms eventually make zero economic profit due to the ...