The Causes and Consequences of Antitrust: The Public-Choice Perspective

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Fred S. McChesney, William F. Shughart
University of Chicago Press, Mar 15, 1995 - Business & Economics - 379 pages
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Why has antitrust legislation not lived up to its promise of promoting free-market competition and protecting consumers? Assessing 100 years of antitrust policy in the United States, this book shows that while the antitrust laws claim to serve the public good, they are as vulnerable to the influence of special interest groups as are agricultural, welfare, or health care policies. Presenting classic studies and new empirical research, the authors explain how antitrust caters to self-serving business interests at the expense of the consumer.

The contributors are Peter Asch, George Bittlingmayer, Donald J. Boudreaux, Malcolm B. Coate, Louis De Alessi, Thomas J. DiLorenzo, B. Epsen Eckbo, Robert B. Ekelund, Jr., Roger L. Faith, Richard S. Higgins, William E. Kovacic, Donald R. Leavens, William F. Long, Fred S. McChesney, Mike McDonald, Stephen Parker, Richard A. Posner, Paul H. Rubin, Richard Schramm, Joseph J. Seneca, William F. Shughart II, Jon Silverman, George J. Stigler, Robert D. Tollison, Charlie M. Weir, Peggy Wier, and Bruce Yandle.
  

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Contents

PublicChoice Theory and Antitrust Policy
7
Part One In Search of the PublicInterest Model of Antitrust
25
The Economic Effects of the Antitrust Laws 1966
63
A Statistical Study of Antitrust Enforcement 1970
73
The Economic Determinants of Antitrust Activity
103
Part Two The Positive Economics of Antitrust Enforcement
119
Antitrust Policy Cause the Great Merger Wave?
127
The Employment Consequences of the Sherman
165
Bureaucracy and Politics in FTC Merger Challenges
225
Monopolies and Mergers Commission Merger
231
Part Four Public Choice and the Origins of Antitrust
243
Antitrust before the Sherman Act
255
Part Five Retrospect and Prospect
319
The Unjoined Debate
341
Selected Bibliography
351
List of Contributors
365

Antitrust Enforcement and Foreign Competition
179
Part Three The PublicChoice Model of Antitrust
189
Antitrust Pork Barrel 1982
201

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About the author (1995)

Fred S. McChesney is Professor of Law at the Cornell Law School.

WILLIAM F. SHUGHART II is Professor of Economics and holder of the P.M.B Self, William King Self, and Henry C. Self Chair in Free Enterprise at the University of Mississippi.

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