Two Victorian Era intellectual movements changed the course of American legal thought: Darwinian natural selection and marginalist economics. The two movements rested on fundamentally inconsistent premises. Darwinism emphasized instinct, random selection, and determinism. Marginalism emphasized...

Competition policy is at a crossroads on both sides of the Atlantic. In this insightful book, judges, enforcers and academics in law and economics look at the consensus built so far and clarify controversies surrounding the issue.

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.

Why bother emphasizing the FTC’s power to reach beyond §2 if most of the Commission challenges are covered by §2 anyway?

This book provides edited selections of primary source material in the intellectual history of competition policy from Adam Smith to the present day. Chapters include classical theories of competition, the U.S. founding era, classicism and neoclassicism, progressivism, the New Deal,...