When it was first published a quarter of a century ago, richard posners exposition and defense of an economic approach to antitrust law was a jeremiad against the intellectual disarray that then characterized the field. But perfect price discrimination is infeasible, and imperfect price. When it was first published a quarter of a century ago, richard a. My remarks tonight will focus on the proper intersection between. Thomas rosch1 commissioner, federal trade commission before the bates white antitrust conference washington, d. The emergence of a competitive market in health care portends an increasingly important role for antitrust law. Federal trade commission antitrust law enforcement. Antitrust law, second edition ebook written by richard a. Perfect price discrimination would bring about the same output as under competition, because, as noted earlier, no customer willing to pay the sellers marginal cost would be turned away. There are limits to the enforceability of noncompete agreements in the common law. What i shall argue is that there is indeed a problem with the application of antitrust law to the. Aai antitrust achievement award 2010 summa cum laude, with honors in economics, university of pennsylvania, 1968.
The chicago school of antitrust theory, which richard posner represents, is an improvement over the oldline neoclassical school. One group of competing firms eliminate competition purely among themselves. Posners 1972 general textbook on economic analysis of law and his establishment of the journal of legal studies. Wright george stigler began his famous paper on the theory of oligopoly with the observation that no one has the right, and few the ability, to lure econo. Antitrust remedies for labor market power suresh naidu. The antitrust laws are here to stay, posner writes, and the practical question is how to administer them bettermore rationally, more accurately, more expeditiously, more efficiently. During this period posner wrote a number of books including antitrust law. She was my original inspiration to go to law school and it was incredible to see her on that show. Posnermobi,epub, pdf nonfiction economics, law 0 when it was first published a quarter of a century ago, richard posners exposition and defense of an economic approach to antitrust law was a jeremiad against the intellectual disarray that then characterized the field. Despite his praise for judge posner as a scholar and jurist, william sage. Court of appeals for the seventh circuit and a senior lecturer in law at the university of chicago law school. This fully revised classic will continue to be the standard work. She is the sanest, smartest, and most logical person i know.
Inasmuch as the currency of antitrust law would be devalued with out a strong backing of economic wisdom, posners perspective will. When it was first published a quarter of a century ago, richard posner s exposition and defense of an economic approach to antitrust law was a jeremiad against the intellectual disarray that then characterized the field. The antitrust challenge to covenants not to compete in. The second group of firms seek to exclude actual or potential competitors. Cases on antitrust law and policy edition 2 by richard. The ones marked may be different from the article in the profile. Cases, economics notes and other materials 336 1981. In antitrust economics, posner describes in easytounderstand terms why monopolies are bad from an economic point of. As other perspectives on antitrust law have fallen away, posner s book has played a major role in transforming the field of antitrust law into a body of economically rational principles largely in accord with the ideas set forth in the first edition. Recent research indicates that labor market power has contributed to wage inequality and economic stagnation. Aba section of antitrust law, antitrust law developments 1116 6th ed. Nagin in what is no doubt destined to become a classic reference in the antitrust lawyers library on the virtues of economic efficiency, profes. He argues that antitrust doctrine is sufficiently supple to cope adequately with the legal and economic issues of antitrust policy presented by these industries but that the institutional framework of antitrust is inadequate. Introduction the rule against price fixing is the least controversial prohibition in competition law.
In selecting and editing cases, the authors have preserved a sense of the historical development and jurisprudential character of antitrust law. What i shall argue is that there is indeed a problem with the application of antitrust law to the new economy, but that it is not a doctrinal problem. But he seems genuinely to believe in the necessity and promise of antitrust grounded in sound, chicago economics. Competition law is a law that promotes or seeks to maintain market competition by regulating anticompetitive conduct by companies. Apr 22, 2009 antitrust law, second edition ebook written by richard a. Competition law is known as antitrust law in the united states for historical reasons, and as antimonopoly law in china and russia. Court of appeals for the seventh circuit and senior lecturer in law with the university of chicago law school will receive the department of justice john sherman award for his lifetime contributions to the teaching and enforcement of antitrust law and the development of antitrust policy. Posner on vertical restraints university of chicago law. In the foreword to their antitrust law casebook, posner and easterbrook note that. Doctrines developed to deal with competition and monopoly in smokestack industries is not well adapted, it is argued, to dealing with the dynamic economy of the twentyfirst century. The existing legal approach is inadequate because the common law offers minimal sanctions and antitrust law imposes excessive burdens of proof on plaintiffs. Posner s 1972 general textbook on economic analysis of law and his establishment of the journal of legal studies. Antitrust law second edition richard a posner on amazoncom free shipping on qualifying o. His many books on the application of economics to law include economic analysis of law, now in its fifth edition.
Bork convinced the reader that antitrust law had been applied in. Posners antitrust opinions are frequently cited by courts and commentators, and many of the citations are branded with a posner, j. If a noncompete agreement is not reasonable in the light of legitimate business goalssuch. In this extensively revised second edition of a book first published in 1976, posner offers a compact but thorough and extensively documented analysis of u. Although that movement was already well underway in the academic journals, the first edition of antitrust law codified the. Bork convinced the reader that antitrust law had been applied in an abysmal fashion. Posner s exposition and defence of an economic approach to antitrust law was a jeremiad against the intellectual disarray that then characterized the field. Posner on vertical restraints the university of chicago law.
Managed care is even more difficult than feeforservice practice to analyze in the. Read antitrust law second edition by richard a posner pdf. Articles by an authorized administrator of chicago unbound. Posner, antitrust law find, read and cite all the research you need on. Competition law is implemented through public and private enforcement.
Ip and antitrust seminar antonin scalia law school. From law and economics to an economic analysis of law article pdf available in journal of the history of economic thought 3102 june 2009 with 4,787 reads. While antitrust law is the appropriate vehicle for challenging noncompetes because of its focus on market effects, it needs to be strengthened. As other perspectives on antitrust law have fallen away, posner s book has played a major role in transforming the field of antitrust law into a body of economically. Department of justice presentation to the lisbon conference on competition law and economics lisbon, portugal. Although the antitrust laws prohibit firms from restricting competition in labor markets as in product markets, the government does little to address the labor market problem, and private litigation has been rare and mostly unsuccessful. Download for offline reading, highlight, bookmark or take notes while you read antitrust law, second edition. Antitrust law second edition by richard a posner pdf droppdf. Although the antitrust laws prohibit firms from restricting. Posner is published by university of chicago press. Posner is a judge of the us court of appeals for the seventh circuit and a senior lecturer in law at the university of chicago law school. Posner the university of chicago law school this policy proposal is a proposal from the authors. This essay considers the influence of richard posners judicial opinions about antitrust law. The dominant emphasis of the ever more popular view concerns the ascendance of economics in antitrust decisionmaking and doctrine.
In this paper judge posner addresses the application of the antitrust laws to computer software and related new economy industries. Antitrust law, second edition second edition, kindle edition. In thirtysix years on the bench, posner wrote about one antitrust opinion per year, which represents roughly 1 percent of his judicial output. But he still believes that judges can know better than markets how property rights should be assigned. Address by judge posner titled antitrust in the new. There is, however, less consensus than meets the eye on what constitutes price fixing and on how legal regimes should identify and remedy it. The goal of the course is to intersect the world of intellectual property. As other perspectives on antitrust law have fallen away, posners book has. Posner, antitrust law in an economic perspective, ch. Hales work on contract law, which also dates from the 1930s, can be identified. This article qualifies the primacy of antitrust by arguing that a significant degree of labor market power is held. As this survey will indicate, research in economic analysis of law has been active since the 1970s and is accelerating.
Barnett assistant attorney general antitrust division u. Posner, antitrust in the new economy, speech delivered at the aliaba. Wright george stigler began his famous paper on the theory of oligopoly with the observation that no one has the right, and few the ability, to lure economists into reading another article on oligopoly theory without some advance. Posner more than bork carefully explained the types of economic theory and evidence that should guide the application of antitrust law. Posner on vertical restraints the university of chicago. Does someone have borks antitrust paradox or posners. Richard posner argues that the promotion of economic competition is thinly defensible rationale of antitrust law, this work demonstrates the revisions in conventional thinking about antitrust policy that are necessary if the economic purposes of that policy are to be taken seriously. The chicago school of antitrust influenced the law and policy in large part. Recent literature has suggested that antitrust regulation is an appropriate response to labor market monopsony. The questions of antitrust law raised by the recent surge of conglom erate mergers are interesting and important in themselves. But even after the journal of law and economics commenced publicationat this law school, naturallyin 1958, the law and economics movement, if discernible at all, would have been associated primarily with problems of competition and monopoly, although. The chicago school of antitrust analysis by richard a.
When it was first published a quarter of a century ago, richard posners exposition and defense of an economic approach to antitrust law was a jeremiad against. As other perspectives on antitrust law have fallen away, posners book has played a major role in transforming the field of antitrust law into a body of economically. Although it cited but a single case, a seventh circuit panel exhaustively addressed the crucial antitrust standard for examining parallel conduct in its april 9, 2015 affirmance of a defense summary judgment in in re. For example,judge richard posner has championed a structural approach for detecting and punishing antitrust collusion. As other perspectives on antitrust law have fallen away, posners book has played a major role in transforming the field of antitrust law into a body of economically rational principles largely in accord with the ideas set forth in the first edition.
1615 250 1332 1077 1273 758 1210 648 726 717 1371 7 599 437 485 1079 1556 718 664 100 689 1618 584 1401 236 1105 1006 1092 942 1593 464 473 27 964 715 723 730 695 429 1185 483 538 574 305