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On The Meaning Of Antitrust's Consumer Welfare Principle, Herbert J. Hovenkamp
On The Meaning Of Antitrust's Consumer Welfare Principle, Herbert J. Hovenkamp
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This brief essay addresses the ambiguities in the meaning of “consumer welfare” in antitrust, exploring the differences between the Williamson, Bork, and current understanding of that term. After weighing the alternatives it argues that the consumer welfare principle in antitrust should seek out that state of affairs in which output is maximized, consistent with sustainable competition