As Evans and Hylton so powerfully observe, neoclassical economics is much more comfortable modeling the relatively stable situation than the Schumpeterian one. Economists since Alfred Marshall have observed that the static, partial equilibrium analysis that dominates industrial economics is...

The success of the Areeda-Turner test for predatory pricing and the U.S. Supreme Court’s adoption of demanding proof requirements in its 1993 <i>Brooke Group</i> decision have made it very difficult for plaintiffs to win conventional predatory pricing claims.

Reading the Neal Report today is a trip to another world. But, in fact, it represented the received orthodoxy of its day. The tragedy of the Neal Report is that the model it represented was just on the verge of complete, catastrophic replacement.