Antitrust Law

Dominick T. Armentano. Antitrust and Monopoly: Anatomy of a Policy Failure (second edition); and Antitrust: The Case for Repeal (revised second edition). Among the best books available repudiating antitrust policy and the unfounded economic assumptions that underlie it. They explode one myth after another, with historical accuracy and empirical evidence. After reading these volumes, you will understand why the majority of economists reject so many antitrust laws.

Robert H. Bork. Antitrust Paradox: A Policy at War With Itself. Judge Robert Bork provides a critique of the antitrust laws, and how they do not, for the most part, benefit consumers or increase economic welfare.

John R. Lott, Jr. Are Predatory Commitments Credible?: Who Should the Courts Believe? Lott conducts an empirical analysis of the accusation of predatory pricing over a 30-year period, concluding that predatory pricing is not an important phenomenon among profit-maximizing firms, thereby shattering one of the enduring myths of business folklore.

Richard Posner. Antitrust Law (second edition). Judge Richard Posner’s first edition of this work was considered a jeremiad against antitrust practices. In this edition, Posner admits the laws are here to stay, makes the argument that they exist to promote economic welfare, and offers new perspectives on dealing with vexing questions of the new economy, such as software, communication companies, and Internet service providers.

George J. Stigler. The Economist as Preacher and Other Essays; and Memoirs of an Unregulated Economist. This 1982 Nobel Prize–winning economist appeared before Congress in 1950 advocating that U.S. Steel Corporation be broken up. At the beginning of his career, Stigler was a proponent of vigorous antitrust enforcement. After studying the topic for most of his career, he concluded that the laws were counterproductive. These books are not his more scholarly works on the topic, but provide insight into why he changed his mind on antitrust laws over the course of his distinguished career.

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