The primary concern of political economy is the appropriate role of government in social affairs. The debate, in brief, is whether the economy should be left free to establish a “spontaneous order,” or whether government regulation is necessary to maintain efficiency and economic welfare. Some liberals, most conservatives, and all libertarians would argue that government regulation of industry generally tends to reduce efficiency and economic growth and should be avoided. Since the late 1950s, and at an accelerated pace since the 1970s, free market economists and others have repeatedly argued that many governmental policies are unworkable, and that these policies … Continue reading Antitrust Policy in a Free Society