This paper suggests that there exists a neglected third branch of Chicago price theory, which includes Armen Alchian (1914-2013), James Buchanan (1919-2013), and Ronald Coase (1910-2013). While this branch shares characteristics that are common to the other branches of Chicago price theory,...

On 9 August 1974, Richard Nixon resigned to avoid impeachment; on 29 April 1975, the United States scuttled from their Embassy in Saigon - optics that were interpreted as defeats for the ‘International Right’. Yet in 1975, Margaret Thatcher became leader of the Conservative Party; and in...

Frank H. Knight was co-founder of the “Chicago School”. He was, first and foremost, a teacher; a theorist and author second. His work is scattered across many economic journals in essay-form standing on the base of Risk, Uncertainty and Profit, published in 1921. Within the economic world...

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...

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...