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In the article, “The Economists and the Problem of Monopoly”, George Stigler clearly adds insight as to why monopolies are a problem in public policy. It seems to me that he believes that the Sherman Act antitrust laws were legislated at a time when there was no real need to have such a law but since it was enacted, the number of economists associated with monopoly regulation and enforcement has grown dramatically even though there is no empirical evidence to prove its efficiency. Adam Smith, one of the great economists of the time pretty much paid no attention to monopolies and if he did he said they were due to special rules granted by the state. His main argument is that it was market forces that ensured the production of the right goods and services. He thinks that his would happen because producers would want to make profits by providing them. Smith agrees that without government intervention, it will form into a laissez-faire environment, and public well-being would increase from competition organizing production to benefit the public. This was eventually proven wrong in the 19th century when railroads and utilities benefited from economies of scale and became private monopolies. He also felt there was nothing one co