Wednesday, October 18, 2017

Heterodox Antitrust Economics

Jim Chen, Michigan State examines Heterodox Antitrust Economics.

ABSTRACT: Antitrust economics is a discipline developed by academic economists in concert with the refinement of per se rules and the rule of reason by the Supreme Court. Distinct bodies of antitrust thought — such as the Chicago school, the post-Chicago school, and behavioral antitrust economics — have emerged. These competing schools of thought fall short of capturing the full complexity of economic conduct. Antitrust law cannot and should not seek to replicate often conflicting insights devised by economists. Rather, what antitrust economics can accomplish is at once more modest and more helpful. The laudable resort to economic theory in any of its guises, behavioral or otherwise, should never become detached from economic fundamentals.

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