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Re: Neoclassical bizarreness!!!

Bankruptcy is a legitimate part of the illegitamate market.  As Doug Orr has written,
the airlines pioneered the practice of strategic bankruptcy -- using bankruptcy as a
tactic to annul labor contracts.  Our old friend Frank Lorenzo was the first to use
this method.
 --
Michael Perelman
Economics Department
California State University
Chico, CA 95929

Tel. 530-898-5321
E-Mail michael at ecst.csuchico.edu
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