How the Chicago School Overshot the Mark Antitrust law & policy in terms of the legal-economic nexuspitofsky's

Abstract

The first contribution to this section is by Richard Schmalensee titled “Thoughts on the Chicago school legacy in U.S. antitrust.” It appears the purpose of this essay is to set up a target for the rest of the contributors to shoot at – a target that is emphatically pro-Chicago. In his essay, Schmalensee reviews some of the aspects of U.S. antitrust policy that outraged Chicago school lawyers and economists in the 1970s. He takes a brief look at some of Chicago's subsequent victories that he claims are now generally accepted as positive changes. And finally, he argues that some of Chicago's lost battles also constitute positive aspects of its legacy. His discussion is focused on four broad issues: the objectives of antitrust, the past policy toward “no-fault” concentration, the treatment of productive efficiency, and the evaluation of non-standard business conduct (pp. 11–12).

Citation

Mercuro, N. (2010), " How the Chicago School Overshot the Mark Antitrust law & policy in terms of the legal-economic nexuspitofsky's", Biddle, J.E. and Emmett, R.B. (Ed.) A Research Annual (Research in the History of Economic Thought and Methodology, Vol. 28 Part 1), Emerald Group Publishing Limited, Bingley, pp. 405-438. https://doi.org/10.1108/S0743-4154(2010)000028A022