Conflicting trends confound the pharmaceutical industry. The productivity of pharmaceutical innovation has declined in recent years. At the same time, the cohort of large companies who are the leading engines of pharmaceutical R&D has become increasingly concentrated. The concurrent presence of...

This paper offers a critique of a recent paper on vertical restraints by four Federal Trade Commission staff members. The FTC staff based much of their analysis on a survey of 22 previously published case studies. We argue that the sample of 22 is biased toward cases in which vertical restraints...

The United States experienced merger waves of unprecedented proportions during the 1980s and 1990s. After mapping the resulting relocation of corporate headquarters among metropolitan areas, this article investigates how relocations affected the financial status of leading American symphony...

This paper reviews the history of seven quot;greatquot; U.S. monopolization cases in high-technology fields: Standard Oil (1911), the electric light cases, the ATamp;T cases, cellophane, Xerox, IBM, and Microsoft. It analyzes the extent to which innovativeness was a successful defense to...