As economists, we believe that the Second Circuit's ruling, by not allowing the consideration of important information about the relationships between the benefits and costs of alternatives, is economically unsound. In particular, we believe that, as a general principle, regulators cannot make...

The "parallel behavior is enough" standard cannot assist the courts in distinguishing horizontal agreements to restrain trade from normal competition. It would very likely impose significant costs on the economy by distorting competitive incentives and encouraging meritless litigation designed...

The paper surveys the agenda needed to restore noninflationary growth in industrial countries. The role of fiscal policy as short-run stimulus both on the spending side and on the tax side is discussed. The author comments on trade, specifically the new trade round, and international finance....