Economics @ ITT

The Supreme Court Has the Constitutional Power to Hike Medicine Prices to 5x Their Cost?

Posted in antitrust, economics, Policy Issues, Regulation, Taxation by ittecon on March 30, 2013

U.S. pharmaceuticals get a very good deal from the federal government. For every new drug they produce, they get rewarded with long-term patents that grant them exclusive rights to market and sell the product for as much as 20 years – which guarantees them billions in profits and no competitors in the marketplace. Drug companies claim that they must be allowed to profit off of products they nurtured with expensive research and development. In reality, taxpayer-funded research from academia or the National Institutes of Health account for the vast majority of vital drugs brought to market every year, and R&D is a small fraction of the overall drug company budget. What’s more, drug companies routinely use their monopoly power to jack up pharmaceutical prices, which cost far more in the U.S. than anywhere in the world.

via Where Does It Say the Supreme Court Has the Constitutional Power to Hike Medicine Prices to 5x Their Cost? | Alternet.

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Monopoly power in action

Posted in antitrust, economics, environment, externalities, Policy Issues by ittecon on May 16, 2012

90 Percent of Corn Seeds Are Coated With Bayer’s Bee-Decimating Pesticide

90 Percent of Corn Seeds Are Coated With Bayers Bee-Decimating Pesticide | Mother Jones.

Privatisation’s Worse Case Scenario

Posted in antitrust, economics, Policy Issues, Regulation by ittecon on April 16, 2012

“Under the $563 million, 99-year deal that privatized four city-owned parking garages in downtown Chicago, City Hall made a promise” to ensure that the parking garages would not be subject to any competition. Where are the free marketists now?

via Chicago faces $200 million claim over privatized parking garage – Chicago Sun-Times.

Its Time to Break Up AT&T, Verizon, Comcast, Time Warner and the Rest of the Telecoms

Posted in antitrust, economics, oligopoly, Regulation by ittecon on May 11, 2011

Today’s telecoms provide overpriced and inferior service, and are systematically overcharging the hapless American consumer.

Alternet Article: Its Time to Break Up AT&T, Verizon, Comcast, Time Warner and the Rest of the Telecoms.

Posted in antitrust, economics, Policy Issues, Regulation by ittecon on May 11, 2011

A top telecommunications regulator who voted to approve Comcast Corp’s takeover of NBCUniversal in January is leaving to join the company as a lobbyist.

No conflict of interest here. Couldn’t be. No way, Jose.

Article: Regulator joins Comcast after she OK’d NBC deal

Meet the New Media Monopoly – OtherWords

Posted in antitrust, economics, Policy Issues, Regulation by ittecon on January 24, 2011

For more than a century, American law has recognized the destructive power of corporate monopolies. When one company controls an entire resource, means of production, or delivery system for products, it gets an unfair advantage over competitors. It can overcharge them out of existence or drive them into bankruptcy. Since Teddy Roosevelt’s presidency, our government has tried to ensure that monopolistic business practices don’t destroy fair pricing and consumer choice.

Meet the New Media Monopoly – OtherWords.

FCC to Probe Cell Phone Industry

Posted in antitrust, economics, microeconomics, oligopoly, Policy Issues by ittecon on August 28, 2009

An article about market consolidation: http://www.democracynow.org/2009/8/28/headlines#9

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