Consumers have been left out of the great debate over the mission of the firm, in which advocates of shareholder value maximization face off against advocates of corporate social responsibility, who would allow management leeway to allocate profits to workers and other non-shareholder insiders...

Antitrust prohibits cartels from charging monopoly prices but does not prohibit monopolies from charging monopoly prices. Antitrust does not ban monopoly pricing by monopolies because it thinks that unless a monopoly takes affirmative action to exclude competitors, competitors will enter the...

Over the past forty years, antitrust has come to embrace a goal of consumer welfare maximization that cannot be achieved solely through condemnation of collusive or exclusionary conduct. To address cases in which firms achieve the power to raise prices and harm consumers without engaging in...

It is in the nature of technological advance to centralize control over production and divorce it from the consumer, placing the consumer at the mercy of the producer. For most of human history, the fight for consumer rights was a fight for democracy, because the state is the ultimate...

Antitrust guarantees a particular distribution of wealth between consumers and producers. Big data allows firms with pricing power to identify the highest price a consumer is willing to pay for a good and charge it to her. The practice upends the current distribution of wealth by allowing firms...

Supply chains are fundamental to antitrust because no firm can exclude competitors without denying them access to inputs. But this does not mean that antitrust policy can reduce inflation caused by supply chain disruption or effectively redistribute wealth between different levels of a supply...