Judges as profit-maximizing cartel defectors

Cartels that aren’t supported by legal sanctions find it very difficult to keep members from defecting.  Even when a cartel is made up of the smartest, noblest, wisest, most public-spirited people in the world –U.S. federal judges — some members will break their promises when it’s to their advantage to do so, as Josh Wright points out over at Truth on the Market.

FGS