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How the Chicago School Overshot the MarkThe Effect of Conservative Economic Analysis on U.S. Antitrust$
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Robert Pitofsky

Print publication date: 2008

Print ISBN-13: 9780195372823

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780195372823.001.0001

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Thoughts on the Chicago Legacy in U.S. Antitrust

Thoughts on the Chicago Legacy in U.S. Antitrust

(p.11) Thoughts on the Chicago Legacy in U.S. Antitrust
How the Chicago School Overshot the Mark

Richard Schmalensee

Oxford University Press

This paper argues that the victories and even the losses of the Chicago School as constructive, because the losses stimulated more rigorous thinking. It revisits the theoretical battles of the 1950s and 1960s, and demonstrates how conservative economic analysis called a halt to some questionable initiatives such as deconcentration of major industries as a result of “no-fault” monopoly enforcement, preference for small businesses for the sake of their smallness, and disregard of the value of efficiencies in various transactions, even holding efficiencies against the legality of a transaction.

Keywords:   Chicago School, antitrust, economic law, deconcentration, productive efficiency, inhospitality, restraints, mergers

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