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Horizontal Mergers: Law, Policy, And Economics, George A. Hay, Gregory J. Werden
Horizontal Mergers: Law, Policy, And Economics, George A. Hay, Gregory J. Werden
Cornell Law Faculty Publications
The legality of a horizontal merger under section 7 of the Clayton Act turns on a reckoning of its social costs and benefits. This paper reviews what economics has to say about that reckoning and explores the relationship between economic learning and merger law and policy.
Anti-Trust And Economic Theory: Some Observations From The Us Experience, George A. Hay
Anti-Trust And Economic Theory: Some Observations From The Us Experience, George A. Hay
Cornell Law Faculty Publications
Recent developments in US anti-trust can be characterised as reflecting the uneasy interaction of two quite separate phenomena: first, the increased emphasis on economic analysis as the overriding organising principle of anti-trust policy and on economic efficiency as the primary (perhaps only) relevant goal for anti-trust; second, the long-standing reluctance of the federal judiciary to involve itself in any substantive economic analysis, and the preference, instead, for simple rules of thumb or ‘pigeon holes’ to sort out lawful from unlawful conduct. The result has been that while economics has played a major role, it has not influenced American anti-trust as …