A vast and often confusing economics literature relates competition to investment in innovation. Following Joseph Schumpeter, one view is that monopoly and large scale promote investment in research and development by allowing a firm to capture a larger fraction of its benefits and by providing...

This paper addresses whether the welfare analysis of the agreements and rules of a professional sports league should depend on the organisational form chosen by the league's participants. Courts have analysed sports leagues both as associations of horizontal competitors and as single entities....