Since the publication of Robert Bork's The Antitrust Paradox, lawyers, judges, and many economists have defended … “Consumer welfare” (CW) as a standard for decisions about antitrust goals and enforcement priorities. This paper argues that the … CW is actually an empty concept and is an inappropriate goal for antitrust. Welfare economists concede that there is no …

This paper presents an historical analysis of the antitrust laws. Its central contention is that the history of … antitrust can only be understood in light of U.S. economic history and the succession of dominant economic policy regimes that … punctuated that history. The antitrust laws and a subset of other related policies have historically focused on the negative …

structure, efficiency (consumer welfare) as the result of competition rather than of an individual entrepreneurial market …