Back to School: What the Chicago School and New Brandeis School Get Right

13 Pages Posted: 7 Oct 2018 Last revised: 10 Oct 2018

Gregory J. Werden

U.S. Department of Justice - Antitrust Division

Date Written: September 4, 2018

Abstract

The New Brandeis School renews debate on two fundamental antitrust policy questions: 1) what source of wisdom or set of values should inform antitrust rules; and 2) what criterion should govern antitrust case adjudication. In our view, the Chicago School’s answer to the first question was right; economics, rather than populist politics, should guide the formulation of antitrust rules. On the second question, we agree with the New Brandeis School that US antitrust is too focused on bottom-line indicators of market performance; the result has been to make antitrust both more complex and less effective in protecting competition.

Keywords: Antitrust Policy, Brandeis, Consumer Welfare, Chicago School

JEL Classification: K21, L40

Suggested Citation

Werden, Gregory J., Back to School: What the Chicago School and New Brandeis School Get Right (September 4, 2018). Available at SSRN: https://ssrn.com/abstract=3247116

Gregory J. Werden (Contact Author)

U.S. Department of Justice - Antitrust Division ( email )

450 Fifth Street, NW
9th Floor
Washington, DC 20530
United States
202-307-6366 (Phone)

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