Can Antitrust Be Pro-Worker? (American Compass)

In 1776, Adam Smith made perhaps the most famous statement linking monopoly power to labor. “Masters,” he wrote in The Wealth of Nations, “are always and everywhere in a sort of tacit, but constant and uniform, combination, not to raise the wages of labor above their actual rate.” Today, however, rather than taking Smith’s maxim as a warning, most lawyers and judges have come to treat it as a guidebook.

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