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 …

In antitrust enforcement, in the context of cost-benefit analysis, neoclassical economics may be interpreted as arguing … call for antitrust agencies to move in the direction of this version of a total welfare standard for enforcement. However … than a total welfare standard may be appropriate for antitrust. Two common arguments against this standard that most …