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Full-Text Articles in Law and Economics
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 …
Antitrust Policy After Chicago, Herbert J. Hovenkamp
Antitrust Policy After Chicago, Herbert J. Hovenkamp
All Faculty Scholarship
This article, which was published in 1985, describes the development of a "Post-Chicago" antitrust policy. The Chicago School of antitrust analysis has made an important and lasting contribution to antitrust policy. The School has placed an emphasis on economic analysis in antitrust jurisprudence that will likely never disappear. At the same time, however, the Chicago School's approach to antitrust is defective for two important reasons. First of all, the notion that public policymaking should be guided exclusively by a notion of efficiency based on the neoclassical market efficiency model is naive. That notion both overstates the ability of the policymaker …