Cartels and Competition
James discusses the dynamics of cartels, highlighting how competing firms may come together to fix prices and restrict production for higher profits. While these agreements can appear as quality control measures, they ultimately harm consumers and are illegal. The challenge for cartels lies in their sustainability, as each member has an incentive to cheat, leading to their frequent collapse despite some lasting for decades.In this clip
From this podcast
The Science of Everything Podcast
Episode 49: Market Structure
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