The Causes and Consequences of Antitrust
The Public-Choice Perspective
387 pages
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12 line drawings, 68 tables
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6 x 9
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© 1995
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.
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.
Contents
Preface
1: Introduction and Overview
Fred S. McChesney, William F. Shughart II.
2: Public-Choice Theory and Antitrust Policy
William F. Shughart II
Pt. 1: In Search of the Public-Interest Model of Antitrust
Fred S. McChesney
3: What Do Economists Think about Antitrust?: A Random Walk down
Pennsylvania Avenue
Paul H. Rubin
4: The Economic Effects of the Antitrust Laws (1966)
George J. Stigler
5: A Statistical Study of Antitrust Enforcement (1970)
Richard A. Posner
6: The Economic Determinants of Antitrust Activity (1973)
William F. Long, Richard Schramm, Robert D. Tollison.
7: Is Collusion Profitable? (1976)
Peter Asch, Joseph J. Seneca.
Pt. 2: The Positive Economics of Antitrust Enforcement
Bruce Yandle
8: Did Antitrust Policy Cause the Great Merger Wave? (1985)
George Bittlingmayer
9: Antimerger Policy under the Hart-Scott-Rodino Act: A Reexamination of
the Market-Power Hypothesis (1985)
B. Espen Eckbo, Peggy Wier.
10: The Employment Consequences of the Sherman and Clayton Acts (1991)
William F. Shughart II, Robert D. Tollison.
11: Antitrust Enforcement and Foreign Competition
William F. Shughart II, Jon Silverman, Robert D. Tollison.
Pt. 3: The Public-Choice Model of Antitrust
Louis De Alessi
12: Antitrust Pork Barrel (1982)
Roger L. Faith, Donald R. Leavens, Robert D. Tollison.
13: Bureaucracy and Politics in FTC Merger Challenges (1990)
Malcolm B. Coate, Richard S. Higgins, Fred S. McChesney.
14: Monopolies and Mergers Commission, Merger Reports, and the Public
Interest: A Probit Analysis (1992)
Charlie Weir
Pt. 4: Public Choice and the Origins of Antitrust
William E. Kovacic
15: Antitrust before the Sherman Act
Donald J. Boudreaux, Thomas J. DiLorenzo, Stephen Parker.
16: Business Restraints and the Clayton Act of 1914: Public- or
Private-Interest Legislation?
Robert B. Ekelund, Jr., Michael J. McDonald, Robert D. Tollison.
17: Output and Stock Prices When Antitrust Is Suspended: The Effects of
the NIRA
George Bittlingmayer
Pt. 5: Retrospect and Prospect
William F. Shughart II
18: Be True to Your School: Chicago's Contradictory Views of Antitrust
and Regulation (1991)
Fred S. McChesney
19: The Unjoined Debate
Fred S. McChesney, William F. Shughart II.
Selected Bibliography
List of Contributors
Author Index
Subject Index
1: Introduction and Overview
Fred S. McChesney, William F. Shughart II.
2: Public-Choice Theory and Antitrust Policy
William F. Shughart II
Pt. 1: In Search of the Public-Interest Model of Antitrust
Fred S. McChesney
3: What Do Economists Think about Antitrust?: A Random Walk down
Pennsylvania Avenue
Paul H. Rubin
4: The Economic Effects of the Antitrust Laws (1966)
George J. Stigler
5: A Statistical Study of Antitrust Enforcement (1970)
Richard A. Posner
6: The Economic Determinants of Antitrust Activity (1973)
William F. Long, Richard Schramm, Robert D. Tollison.
7: Is Collusion Profitable? (1976)
Peter Asch, Joseph J. Seneca.
Pt. 2: The Positive Economics of Antitrust Enforcement
Bruce Yandle
8: Did Antitrust Policy Cause the Great Merger Wave? (1985)
George Bittlingmayer
9: Antimerger Policy under the Hart-Scott-Rodino Act: A Reexamination of
the Market-Power Hypothesis (1985)
B. Espen Eckbo, Peggy Wier.
10: The Employment Consequences of the Sherman and Clayton Acts (1991)
William F. Shughart II, Robert D. Tollison.
11: Antitrust Enforcement and Foreign Competition
William F. Shughart II, Jon Silverman, Robert D. Tollison.
Pt. 3: The Public-Choice Model of Antitrust
Louis De Alessi
12: Antitrust Pork Barrel (1982)
Roger L. Faith, Donald R. Leavens, Robert D. Tollison.
13: Bureaucracy and Politics in FTC Merger Challenges (1990)
Malcolm B. Coate, Richard S. Higgins, Fred S. McChesney.
14: Monopolies and Mergers Commission, Merger Reports, and the Public
Interest: A Probit Analysis (1992)
Charlie Weir
Pt. 4: Public Choice and the Origins of Antitrust
William E. Kovacic
15: Antitrust before the Sherman Act
Donald J. Boudreaux, Thomas J. DiLorenzo, Stephen Parker.
16: Business Restraints and the Clayton Act of 1914: Public- or
Private-Interest Legislation?
Robert B. Ekelund, Jr., Michael J. McDonald, Robert D. Tollison.
17: Output and Stock Prices When Antitrust Is Suspended: The Effects of
the NIRA
George Bittlingmayer
Pt. 5: Retrospect and Prospect
William F. Shughart II
18: Be True to Your School: Chicago's Contradictory Views of Antitrust
and Regulation (1991)
Fred S. McChesney
19: The Unjoined Debate
Fred S. McChesney, William F. Shughart II.
Selected Bibliography
List of Contributors
Author Index
Subject Index
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