Baseball & Insurance: Two Places Where Economic Idiocy Still Reigns

Baseball, in some ways, is a lot like insurance. After all, both enjoy a unique economic edge by being exempted from federal antitrust laws.

Any student in Economics 101 can tell us why monopolies are bad. A monopoly results in restricted supply and/or higher prices–both bad for buyers. Thus, the federal government has strict laws against the development of monopolies and restraint of trade–in most industries, that is, except baseball and insurance.

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