In honor of my class finishing up, here is an interesting Antitrust reading recommendation:
Read the whole post and also check out the article.
If you read one article on antitrust this year, make it Maurice Stucke's Better Competition Advocacy, 82 St. John's L. Rev. 951 (2008). In this work, he convincingly argues that "The goals of antitrust law enforcement are subsumed by, but not necessarily co-extensive with, the goals of competition policy." Stucke's article not only extends an impressive line of work on competition law, but also offers some insights on the dangers of over-specialization for legal scholars generally. I'll offer some excerpts now, and try to apply the piece to some current controversies later this week.
Stucke addresses four main questions in his article:Prevailing competition advocacy glosses over four fundamental questions: First, what is competition? Second, what are the goals of a competition policy? Third, how does one achieve, if one can, the objectives of such desired competition? Fourth, how does one know if the economy is progressing toward these goals?
Stucke argues that conventional competition policy based on the work of the Chicago School answers all these questions in narrow and unsatisfying ways.
After surveying considerable diversity of opinion on the definition of "competition," Stucke argues that it cannot be an "end in itself," but might better be thought of as "a policy tool to achieve broader government objectives for the economy." These objectives include much more than gross measures of "consumer welfare" or "wealth maximization." The goals of competition policy are necessarily diverse--only an ideologue would try to subordinate all its objectives to one overriding end.