Image: First American locomotive on rails at Castle Point, drawing, Hoboken, c. 1826
Richard Epstein: @RichardAEpstein, Chicago Law, NYU Law, Hoover Defining Ideas, in re: Railroads and the automobile industry. Long-haul and short-haul inversions. Sherman Act. Railroads were 85% of the firms on the stock exchange in the 1890s. Theory of conglomerate merger: turns out it doesn't work. Diversification at shareholder, not management, level. Synergies can produce gain; beware of damaging the goose that laid the golden egg.
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