Book

How the Chicago School Overshot the Mark

Edited by Robert Pitofsky

Published in print September 2008 | ISBN: 9780195372823
Published online January 2009 | e-ISBN: 9780199871773 | DOI: https://dx.doi.org/10.1093/acprof:oso/9780195372823.001.0001
How the Chicago School Overshot the Mark

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This book came about due to the growing concern that antitrust, a system of regulation that for over a century has had wide professional and public support, is under attack. The recent trend appears to be toward more limited interpretation of doctrine (especially in the Supreme Court) and less aggressive federal enforcement. Part of the reason for the decline in enforcement is that for almost fifty years extremely conservative economic analysis (sometimes referred to as “Chicago School”) has dominated scholarship in the area. With the exceptionally liberal “Warren Court” as their target, two brilliant academics, Richard Posner and Robert Bork, led a small army of academics in devastating criticism of the output of the Warren Court. Those in favor of the Chicago School's limited and strictly economic approach were handed an enormous political boost when President Ronald Reagan announced that “government was the problem and not the solution.” Contributing towards this collection of chapters are Republicans and Democrats, lawyers and scholars left of center and right of center, one-time antitrust enforcers, and private sector representatives. Virtually all share the view that antitrust is better today, more rigorous, more reasonable, more sophisticated in terms of economics, than it was forty or fifty years ago. But virtually all also confess to a sense of unease about the current direction of antitrust interpretation and enforcement. Specific concerns include current preferences for economic models over facts, the tendency to assume that the free market will cure all market imperfections, the belief that only efficiency matters, and outright mistakes in matters of doctrine.

Keywords: anititrust; regulation; Chicago School; Richard Posner; Robert Bork; Warren Court; Ronald Reagan; efficiency

Book.  304 pages.  Illustrated.

Subjects: Economics

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Table of Contents

Introduction: Setting the Stage in How the Chicago School Overshot the Mark

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Thoughts on the Chicago Legacy in U.S. Antitrust in How the Chicago School Overshot the Mark

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Some Practical Thoughts About Entry in How the Chicago School Overshot the Mark

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Conservative Economics and Antitrust: A Variety of Influences in How the Chicago School Overshot the Mark

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On the Foundations of Antitrust Law and Economics in How the Chicago School Overshot the Mark

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The Efficiency Paradox in How the Chicago School Overshot the Mark

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The Harvard and Chicago Schools and the Dominant Firm in How the Chicago School Overshot the Mark

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