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Title : A Picayune Lesson For A Michael Moore On Economic Science Together With History
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A Picayune Lesson For A Michael Moore On Economic Science Together With History

A Don Boudreaux  letter to a critic of  his on Facebook (who is non the famous filmmaker):

Mr. Michael Moore

Mr. Moore:

About my opposition to authorities prohibition of “price gouging,”
 you write sarcastically on Facebook: “Sounds similar y'all trained at the Economic School of Robber Barons.”*

Bad example.  Contrary to pop myth, the so-called “robber barons” were reviled non yesteryear consumers for raising prices but yesteryear competitors for loweringprices.  John D. Rockefeller drove the prices of kerosene together with other products made from petroleum down.  Cornelius Vanderbilt drove the cost of steamboat transit down.  A&P founder George Gilman, alongside aid from George Huntington Hartford, drove the prices of groceries down.  James J. Hill drove the quality-adjusted cost of long-distance rail transportation down.  Gustavus Swift drove the cost of meat down.  Andrew Carnegie drove the cost of steel down.  James Buchanan Duke drove the prices of cigars, cigarettes, together with virtually other tobacco products down.  Richard Sears together with Aaron Montgomery Ward drove the prices of consumer dry out goods down.  Henry Ford drove the prices of automobiles down.

To honor the relatively few ‘robber barons’ who profited yesteryear exploiting consumers (and taxpayers) rather than yesteryear improving consumers’ lives 1 must plow to those, such every bit Daniel Drew together with Leland Stanford, who secured subsidies together with other particular privileges from government.

Sincerely,
Donald J. Boudreaux
Professor of Economics
and
Martha together with Nelson Getchell Chair for the Study of Free Market Capitalism at the Mercatus Center
George Mason University
Fairfax, VA  22030

The higher upward originally appeared at Cafe Hayek.

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