When competition will not do
The recent difficulties faced by Railtrack and other utilities raises fundamental questions about how to achieve low prices and high safety standards. It may be necessary to look for new kinds of public-private partnerships and new ways of combining competition and regulation to achieve the best outcomes. This article provides a framework for thinking about these issues.
When regulation fails
Industry - and the consumer - are seldom well-served by the relationship between regulators and monopolies. Competition where possible: regulation only where necessary is a useful maxim.
Fine distinctions, big rewards
In business as in sport, the prizes allotted to winners and runners-up are often out of all proportion to the differences between them.
Boundary business
Traditional boundaries around companies and industries are dissolving. But this does not mean that we live in a world without boundaries.
Broken but better: Monopoly companies should not resist being dismantled by government
As Microsoft faces being broken up, Bill Gates should take heart from the lesson of history: the biggest beneficiaries of anti-trust break-ups have often been the companies being "punished".
Downside of regulation
There are many things wrong with British banks, but contrary to the Cruickshank Report, the fact that they make profits is not one of them.
Dose of retail therapy
“Rip-Off Britain” has turned into a damp squib. Economists are unlikely to be surprised.
Bars now offer drinks all round
The Beer Orders proposed greater competition in the brewing industry. The results surprised them, but competition sometimes benefits customers in unexpected ways.
Forthcoming book – a summary
A flavour of John's forthcoming book, 'The Truth About Markets'.
Steer clear of muddy waters
Pfizer, Warner-Lambert and American Home Products are flirting with each other - but does it really make sense to talk about a “market for pharmaceuticals”?