Home Nonfiction 10 • Download PDF by Jan B. Rittaler Ingo L.O. Schmidt : A Critical Evaluation of the Chicago School of Antitrust

Download PDF by Jan B. Rittaler Ingo L.O. Schmidt : A Critical Evaluation of the Chicago School of Antitrust

By Jan B. Rittaler Ingo L.O. Schmidt

ISBN-10: 9400925670

ISBN-13: 9789400925670

ISBN-10: 940107660X

ISBN-13: 9789401076609

The e-book of this clinically analytical and trenchantly insightful quantity is felicitously timed. via fortuitous twist of fate, it comes at a time while the Chicago tuition enjoys a high-water mark of recognition in U.S. felony circles, and at a time while the U.S. merger move of the Nineteen Eighties is cresting. It presents a welcome caution opposed to the risks of translating summary theories, in accordance with hugely restrictive (and unrealistic) assumptions, into facile public coverage thoughts. As such the Schmidt/Rittaler learn serves as a wanted antidote to the at present stylish predilection to confuse ideology with technological know-how. within the Chicago lexicon, the single applicable coverage towards company is a coverage of untrammeled laissez-faire. simply because there aren't any industry imperfec­ tions (other than government-created or trade-union-generated monopolies), the industry may be relied on to control financial task, inexorably dishing out applicable rewards and punishments. during this excellent global, company measurement and tool could be properly missed. in spite of everything, organisations develop into huge in simple terms in simple terms simply because they're effective, basically simply because they're effective, purely simply because they've got served shoppers higher than their competitors, and purely simply because no newbies are more than enough to problem their dominance. as soon as an commercial vast turns into torpid and now not bestows its effective beneficence on society, it's going to necessarily wither and at last die. this can be the "natural legislations" that governs financial lifestyles. It calls for obedience to its principles. It tolerates no interference through the state.

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12 Rather, it means that just recently economists have decided to rely exclusively on an economic approach. 12 Cf. Hovenkamp, Antitrust Policy After Chicago, supra, 217-225, on the role of economics throughout antitrust history. IV. THE CHICAGO SCHOOL'S APPROACH TO ANTITRUST THEORY 1. ' Neither perfect competition nor monopoly in the structural sense are seen as states that should be reached. They simply selVe as a basis from which to depart for the purpose of analysis and thereby should contribute to analytical clarity.

Productive efficiency is not only determined by economies of scale and transaction-cost efficiencies but also by specialization, ability to obtain capital, management skills etc. Productive efficiency should not be seen analogous to or even confused with profitability, since the relative efficiency of a firm is not evaluated by its profit rates but by its relative success in the market: 59 56 57 58 59 Bork, The Antitrust Paradox, op. , 101. Bork, The Antitrust Paradox, op. , 102. Bork, The Antitrust Paradox, op.

18 motivation for concentration. 3 A high degree of concentration is regarded as the result of superior abilities of entrepreneurs. 4 Whereas the representatives of the Chicago School reject market structure interference - except in the case of some horizontal mergers - they do agree with market behavior interference. eventually. In the following we shall scrutinize to what extent Chicago believes market behavior should be controlled. 2. MARKET BEHAVIOR INTERFERENCE Building on the idea that competition is characterized by rivalry in producing and supplying goods and services more efficiently than each of the competitors, the representatives of the Chicago School follow a so-called behavior approach.

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A Critical Evaluation of the Chicago School of Antitrust Analysis by Jan B. Rittaler Ingo L.O. Schmidt


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