Price control for consumer goods typically would result in poor quality products at a low price or acceptable products sold at an elevated price. Auction theory posits that the market price discovery mechanism depends on perfect competition where for each good, supply meets demand and the price...

Casting a glance at the current economic landscape in many sectors of the economy around the world reveals the presence of large conglomerate or mega-business, particularly in the banking and information technology sector. While conventional economic thinking posits that superior products help...