Most people believe that the so-called "robber barons" of the 19th century were monopolists who gouged consumers. The most-commonly given examples are Cornelius Vanderbilt and John D. Rockefeller. But David R. Henderson shows that this is false. Not only were they not robbers and not barons, but also they helped consumers. Early in his life, in fact, Vanderbilt competed aggressively to destroy a monopoly. The true story of the late 19th century trusts is similar: they expanded output greatly and reduced prices. These stories illustrate that competition is a hardy weed, not a delicate flower.
MORE BY DAVID R. HENDERSON

In his latest column, Arnold Kling explores how we measure workers' output and the wealth created by production. Taking a cue from Nobel laureate Ron Coase, Kling suggests that our time-worn neo-classical models are lacking. How can we measure increases in organization capital in our technological and institutions-intensive economy? Should we worry about the supposed decline in output the traditional measures suggest?
MORE BY ARNOLD KLING

In this month's "Reflections from Europe," Anthony de Jasay considers Europe's fragile future, beginning by tracing the backstory of its unification. He describes the tensions that exist between national sovereignty and European greatness and social justice from the perspective of three of the EU's most powerful players--France, Germany, and the United Kingdom.
MORE BY ANTHONY DE JASAY

In his Econlib debut, new columnist Pedro Schwartz looks at the Transatlantic Trade and Investment Partnership (TAFTA) recently proposed for the United States and European Union. Is this really evidence of a move toward freer trade? To what extent can large gains be realized? Will "sinister interests" emerge to derail potential gains? Read this great new addition to the Econlib lineup, first in his series "An Economist Looks at Europe," and find out where Schwartz thinks our real hope for freer trade lies.
MORE BY PEDRO SCHWARTZ