Abstract
AMONG most economists, competition is king. To it we frequently ascribe the blessings of economic efficiency. And so when an economist undertakes a detailed analysis of an industry and concludes that less competition has led to greater efficiency, we are forced to sit up and take note, and to consider the factors which may have led this particular industry to diverge from the norm. In a recent volume, Reed Mloyer has provided an interesting and valuable examination of the midwestern coal industry but has concluded that the trend towards greater market power in the industry has resulted in socially desirable gains. In this paper, we shall review Moyer's analysis and dliscuss the question of whether the midwestern coal industry provides an exception to the general principle of the beneficence of competition.
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