A Critical Evaluation Of The Chicago School Of Antitrust Analysis
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A Critical Evaluation Of The Chicago School Of Antitrust Analysis
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Author : I. Schmidt
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
A Critical Evaluation Of The Chicago School Of Antitrust Analysis written by I. Schmidt and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
The publication of this clinically analytical and trenchantly insightful volume is felicitously timed. By fortuitous coincidence, it comes at a time when the Chicago School enjoys a high-water mark of acceptance in U.S. legal circles, and at a time when the U.S. merger movement of the 1980s is cresting. It provides a welcome warning against the dangers of translating abstract theories, based on highly restrictive (and unrealistic) assumptions, into facile public policy recommendations. As such the Schmidt/Rittaler study serves as a needed antidote to the currently fashionable predilection to confuse ideology with science. In the Chicago lexicon, the only appropriate policy toward business is a policy of untrammeled laissez-faire. Because there are no market imperfec tions (other than government-created or trade-union-generated monopolies), the market can be trusted to regulate economic activity, inexorably meting out appropriate rewards and punishments. In this ideal world, corporate size and power can be safely ignored. After all, corporations become big only only because they are efficient, only because they are productive, only because they have served consumers better than their rivals, and only because no newcomers are good enough to challenge their dominance. Once an industrial giant becomes lethargic and no longer bestows its productive beneficence on society, it will inevitably wither and eventually die. This is the "natural law" that governs economic life. It demands obedience to its rules. It tolerates no interference by the state.
Industrial Concentration And The Chicago School Of Antitrust Analysis
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Author : Jan B. Rittaler
language : en
Publisher: Peter Lang Gmbh, Internationaler Verlag Der Wissenschaften
Release Date : 1989
Industrial Concentration And The Chicago School Of Antitrust Analysis written by Jan B. Rittaler and has been published by Peter Lang Gmbh, Internationaler Verlag Der Wissenschaften this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Business & Economics categories.
After roughly 15 years of merger control application in the Federal Republic of Germany a reassessment of the significance of this instrument of antitrust policy seems necessary. This is particularly so in view of the reorientation of merger control policy in the United States which has been - in its original version - the model for the German merger control system. Concerning merger control, the reorientation is characterized by the notion that the structure-conduct-performance paradigm which has dominated U.S. antitrust for a quarter of a century is imprecise or even incorrect and «that bigness in business does not necessarily mean badness.» This makes the fundamental question arise of whether the German merger control system is still up to date in terms of the underlying market theory and of whether the German Act Against Restraints of Competition needs a reorientation towards aspects of market conduct and performance instead of market structure by means of a Fifth Amendment.
Post Chicago Developments In Antitrust Law
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Author : Antonio Cucinotta
language : en
Publisher: Edward Elgar Publishing
Release Date : 2002-01-01
Post Chicago Developments In Antitrust Law written by Antonio Cucinotta and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-01-01 with Law categories.
This work offers a critical evaluation of the Chicago approach to antitrust. The authors discuss the economic foundations of competition policy and the different ways in which both American and European competition law does - or does not - take account of economic insights.
Framing The Chicago School Of Antitrust Analysis
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Author : Herbert Hovenkamp
language : en
Publisher:
Release Date : 2020
Framing The Chicago School Of Antitrust Analysis written by Herbert Hovenkamp and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
The Chicago School of antitrust has benefitted from a great deal of law office history, written by admiring advocates rather than more dispassionate observers. This essay attempts a more neutral stance, looking at the ideology, political impulses, and economics that produced the Chicago School of antitrust policy and that account for its durability. The origins of the Chicago School lie in a strong commitment to libertarianism and nonintervention. Economic models of perfect competition best suited these goals. The early strength of the Chicago School of antitrust was that it provided simple, convincing answers to everything that was wrong with antitrust policy in the 1960s, when antitrust was characterized by over-enforcement, poor quality economics or none at all, and many internal contradictions.The Chicago School's greatest weakness is that it did not keep up. Its leading advocates either spurned or ignored important developments in economics that gave a better accounting of an economy that was increasingly characterized by significant product differentiation, rapid innovation, networking, and strategic behavior. The Chicago School's initial claim was that newer models of the economy lacked testability. That argument lost its credibility, however, as industrial economics experienced an empirical renaissance, nearly all of it based on various models of imperfect competition. Students getting PhDs in economics increasingly abandoned perfect competition as a useful starting point. What kept Chicago alive was the financial support of firms and others who stood to profit from less intervention. Properly designed antitrust enforcement is a public good. Its beneficiaries -- consumers -- are individually small, numerous, scattered, and diverse. Those who stand to profit from nonintervention were fewer in number, individually much more powerful, and much more united in their message. As a result, the Chicago School went from being a model of enlightened economic policy to a powerful tool of regulatory capture.
How The Chicago School Overshot The Mark
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Author : Robert Pitofsky
language : en
Publisher: Oxford University Press
Release Date : 2008
How The Chicago School Overshot The Mark written by Robert Pitofsky and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Business & Economics categories.
The essays collected in this book concern the rise and recent fall of American antitrust. Of the 15 essays, almost all express a deep concern that conservative economic analysis is leading judges and enforcement officials toward an approach that will ultimately harm consumer welfare.
Overshot The Mark
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Author : Joshua D. Wright
language : en
Publisher:
Release Date : 2009
Overshot The Mark written by Joshua D. Wright and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Antitrust law categories.
How The Chicago School Overshot The Mark
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Author : Robert Pitofsky
language : en
Publisher: Oxford University Press
Release Date : 2008-10-14
How The Chicago School Overshot The Mark written by Robert Pitofsky and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-10-14 with Law categories.
How the Chicago School Overshot the Mark is about the rise and recent fall of American antitrust. It is a collection of 15 essays, almost all expressing a deep concern that conservative economic analysis is leading judges and enforcement officials toward an approach that will ultimately harm consumer welfare. For the past 40 years or so, U.S. antitrust has been dominated intellectually by an unusually conservative style of economic analysis. Its advocates, often referred to as "The Chicago School," argue that the free market (better than any unelected band of regulators) can do a better job of achieving efficiency and encouraging innovation than intrusive regulation. The cutting edge of Chicago School doctrine originated in academia and was popularized in books by brilliant and innovative law professors like Robert Bork and Richard Posner. Oddly, a response to that kind of conservative doctrine may be put together through collections of scores of articles but until now cannot be found in any one book. This collection of essays is designed in part to remedy that situation. The chapters in this book were written by academics, former law enforcers, private sector defense lawyers, Republicans and Democrats, representatives of the left, right and center. Virtually all agree that antitrust enforcement today is better as a result of conservative analysis, but virtually all also agree that there have been examples of extreme interpretations and misinterpretations of conservative economic theory that have led American antitrust in the wrong direction. The problem is not with conservative economic analysis but with those portions of that analysis that have "overshot the mark" producing an enforcement approach that is exceptionally generous to the private sector. If the scores of practices that traditionally have been regarded as anticompetitive are ignored, or not subjected to vigorous enforcement, prices will be higher, quality of products lower, and innovation diminished. In the end consumers will pay.
Law And Economics Of Article 102 Tfeu
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Author : Robert O'Donoghue QC
language : en
Publisher: Bloomsbury Publishing
Release Date : 2020-09-03
Law And Economics Of Article 102 Tfeu written by Robert O'Donoghue QC and has been published by Bloomsbury Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-09-03 with Law categories.
“a reference book in this area of EU competition law and a must-have companion for academics, enforcers and practitioners alike, as well as EU and national judges.” Judge Nils Wahl, Court of Justice of the European Union This seminal text offers an authoritative and integrated treatment of the legal and economic principles that underpin the application of Article 102 TFEU to the behaviour of dominant firms. Traditional concerns of monopoly behaviour, such as predatory pricing, refusals to deal, excessive pricing, tying and bundling, discount practices and unlawful discrimination are treated in detail through a review of the applicable economic principles, the case law and decisional practice and more recent economic and legal writings. In addition, the major constituent elements of Article 102 TFEU, such as market definition, dominance, effect on trade and applicable remedies are considered at length. The third edition involves a net addition of over 250 pages, with a substantial new chapter on Abuses In Digital Platforms, an extensively revised chapter on standards, and virtually all chapters incorporating substantial revisions reflecting key cases such as Intel, MEO, Google Android, Google Shopping, AdSense, Qualcomm.
Competition Policy And The Economic Approach
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Author : Josef Drexl
language : en
Publisher: Edward Elgar Publishing
Release Date : 2011-01-01
Competition Policy And The Economic Approach written by Josef Drexl and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-01-01 with Business & Economics categories.
This outstanding collection of original essays brings together some of the leading experts in competition economics, policy and law. They examine what lies at the core of the .economic approach to competition law' and deal with its normative and institutional limitations. In recent years the more .economic approach' has led to a modernisation of competition law throughout the world. This book comprehensivelyexamines for the first time, the foundations and limitations of the approach and will be of great interest to scholars of competition policy no matter what discipline. Competition Policy and the Economic Approach will appeal to academics in competition economics and law, policy-makers and practitioners in the field of antitrust/competition law as well as postgraduate students in competition law and economics. Those interested in the interplay of law and economicsin the field of competition will also find this book invaluable.
The Law And Economics Of Article 102 Tfeu
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Author : Robert O'Donoghue QC
language : en
Publisher: A&C Black
Release Date : 2014-07-18
The Law And Economics Of Article 102 Tfeu written by Robert O'Donoghue QC and has been published by A&C Black this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-07-18 with Law categories.
The Law and Economics of Article 102 TFEU is a comprehensive, integrated treatment of the legal and economic principles that underpin the application of Article 102 TFEU to the behaviour of dominant firms. Traditional concerns of monopoly behaviour, such as predatory pricing, refusals to deal, excessive pricing, tying and bundling, discount practices and unlawful discrimination are treated in detail through a review of the applicable economic principles, the case law and decisional practice and more recent economic and legal writings. In addition, the major constituent elements of Article 102 TFEU, such as market definition, dominance, effect on trade and applicable remedies are considered at length. Jointly authored by a lawyer and an economist, The Law and Economics of Article 102 TFEU contains an integrated approach to the legal and economic principles that frame policy in this major area of competition law. Although written primarily with practitioners and in-house lawyers in mind, it is essential reading for anyone with an interest in competition law enforcement against monopoly behaviour.