The stock of U.S. physicians at any point in time is modeled as a weighted average of the supply that a perfect cartel would produce and that would prevail under perfect competition. Estimation of a system of stock and income equations over the post-World War II period shows that, after holding...

Mergers can have both pro- and anticompetitive effects. They can allow firms to function more efficiently or to increase the quality and scope of their offerings, thereby benefiting consumers. Conversely, they may permit anticompetitive increases in price or reductions in quality that harm...