Twenty-seven years ago I took my law-school antitrust course, from a fledgling assistant professor who had just left the Federal Trade Commission. My performance was adequate, earning one of the better grades in the course, but not spectacular. Unspectacular enough that afterwards the professor...

The past generation of antitrust has witnessed much intellectual competition among economists and competition-minded jurists as to what that body of law is supposed to do. The current antitrust generation has seen a pronounced shift in favor of the economic view of antitrust's role, to the...