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2000

Antitrust and Trade Regulation

Georgetown Law Faculty Publications and Other Works

Market reasoning

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The First Principles Approach To Antitrust, Kodak, And Antitrust At The Millenium, Steven C. Salop Jan 2000

The First Principles Approach To Antitrust, Kodak, And Antitrust At The Millenium, Steven C. Salop

Georgetown Law Faculty Publications and Other Works

In this essay, I reflect on an important contribution to the development of antitrust reasoning and law that arises out of the Supreme Court's decision in Eastman Kodak Co. v. Technical Services, Inc. In particular, I discuss the decision's relationship to what I have termed the "first principles" approach to market power and antitrust. In my view, one reason that Kodak is important is that it does not take a wooden approach in its economic reasoning. Instead, the opinion nimbly applies the basic principles of competitive analysis to a difficult dynamic context. This enables the majority to avoid rigid adherence …