By Dominick T. Armentano
This journey de strength rips the highbrow hide off antitrust legislation to bare it as a bludgeon utilized by companies opposed to their opponents. not like many critics, Professor Armentano contains the good judgment of his research to the fullest attainable volume: "My place on antitrust hasn't ever been ambiguous," he writes. "All of the antitrust legislation and all the enforcement supplier authority will be summarily repealed. The antitrust gear can't be reformed; it has to be abolished."
Professor Armentano starts with the main rigorous and revealing account of the Microsoft antitrust conflict to seem in print. He additional discusses different fresh circumstances, together with Toys 'R' Us, Staples, and Intel, in addition to many ancient situations. He covers approximately each a possibility intent for antitrust, together with expense solving, predatory pricing, product tie-ins, vertical and horizontal mergers, and plenty of extra.
This is a crucially vital paintings in our new period of antitrust enforcement. This 2d version is totally revised and encompasses a therapy of Murray Rothbard's contributions to the idea of monopoly and pageant. It ends through arguing that antitrust is opposite to either free-market fiscal conception and the security of estate rights in a unfastened society.
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Extra resources for Antitrust: The Case for Repeal
The expression "misallocation of resources" is a powerful one in economics. It signifies that scarce economic resources are not being put to their greatest economic advantage. The implication is that some alternative allocation of these resources could improve overall economic performance. Monopoly is said tomisallocate resources in two fundamental ways. " It implies that the price consumers pay for a product under monopoly-the monopoly price-exceeds the marginal cost of producing that product.
Yet, if antitrust regulators and courts cannot obtain accurate information concerning future social costs and benefits, no rule of reason in antitrust is really possible. Thus, the case against any antitrust regulation is all the stronger. The AT&T Case Those who argue that antitrust is not government-industrial planning will have difficulty explaining the historic decision to break up the American Telephone and Telegraph Company (AT&T) arguably the most significant employment of antitrust regulation in the history of antitrust enforcement.
Likewise, the usual textbook discussions of inefficiency under monopoly are unconvincing. The standard argument of allocative inefficiency is, in fact, contrived and misleading. With new entry and output blocked by definition, a 4The difficulties of effective collusion are reviewed in Dominick T. Armentano, Antitrust and Monopoly: Anatomy of a Policy Failure, 2nd ed. : Independent Institute, 1990), pp. 133-37. See also George j. Stigler, "A Theory of Oligopoly," Journal of Political Economy 72, no.
Antitrust: The Case for Repeal by Dominick T. Armentano