27 Pages Posted: 18 Dec 2008
Date Written: 1992
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.
Keywords: antitrust law, comman law of restraint of trade, legal history
Suggested Citation: Suggested Citation
Grady, Mark F., Toward a Positive Economic Theory of Antitrust (1992). Economic Inquiry, Vol. 30, p. 225, April 1992; UCLA School of Law, Law-Econ Research Paper No. 08-23. Available at SSRN: https://ssrn.com/abstract=1317859