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How the Chicago School Overshot the MarkThe Effect of Conservative Economic Analysis on U.S. Antitrust$
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Robert Pitofsky

Print publication date: 2008

Print ISBN-13: 9780195372823

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780195372823.001.0001

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On the Foundations of Antitrust Law and Economics

On the Foundations of Antitrust Law and Economics

Chapter:
(p.51) On the Foundations of Antitrust Law and Economics
Source:
How the Chicago School Overshot the Mark
Author(s):

Daniel L. Rubinfeld

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195372823.003.0006

This paper suggests that while the influence of industrial organization economics has grown substantially over time, it would be overly simplistic to characterize that influence as having been driven solely by a group of conservative antitrust legal and/or economic scholars. Differences among antitrust economists are as likely due to the fact economists hold a range of views as to the meaning of economic efficiency, and they differ significantly in their beliefs as to the likely efficacy of government intervention. The paper begins with an overview of the history of antitrust policy. It explains how important precedents in the law have followed, albeit with a substantial lag, important developments in the economics of industrial organization that serve as important underpinnings of the law. It then explains why and how economists' views of antitrust policy differ, and how and why conservative economics has overshot the mark to some degree.

Keywords:   conservative economics, economic analysis, antitrust policy, antitrust law

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