Toward a Positive Economic Theory of Antitrust
Mark F. Grady
University of California, Los Angeles (UCLA) - School of Law
Economic Inquiry, Vol. 30, p. 225, April 1992
UCLA School of Law, Law-Econ Research Paper No. 08-23
Most economists associate antitrust policy with the Sherman and Clayton Acts. Nonetheless, there is in England and America a much older body of antitrust law, namely, the common law of restraint of trade. This regulation, like language and markets, evolved over a long period of time. This article examines whether the rules that the common law courts developed can be explained by a hypothetical wish to maximize social wealth and concludes that many of them can be. The last part of the article outlines a theory of legal evolution.
Number of Pages in PDF File: 27
Keywords: antitrust law, comman law of restraint of trade, legal historyAccepted Paper Series
Date posted: December 18, 2008
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