On the 19th of June 1986, Parliament passed the New Competition Act. Although one can praise the goals of the Act, the wording of a number of sections is such that their interpretation can be counter-productive: instead of promoting competition, the effect may be to diminish it. The source of...

Governments and the media have often attacked financiers for "speculating" in their countries' currencies, thereby forcing them to make drastic and sometimes painful changes in monetary and fiscal policies. This article argues that such accusations have no basis in economic theory, and that...