This brief essay addresses the ambiguities in the meaning of “consumer welfare” in antitrust, exploring the differences between the Williamson, Bork, and current understanding of that term. After weighing the alternatives it argues that the consumer welfare principle in antitrust should seek...

In antitrust enforcement as in cost-benefit analysis, neoclassical economics may be interpreted as arguing for the use of a quot;total welfarequot; standard whose implementation treats transfers as welfare-neutral. Several recent papers call for antitrust agencies to move in the direction of...

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...