Toward a Positive Economic Theory of Antitrust

Mark F Grady

Economic Inquiry, 1992, vol. 30, issue 2, 225-41

Abstract: Most economists associate antitrust policy with the Sherman and Clayton Acts. Nonetheless, there is in England and America a much older body of antitrust law, namely, the common law of restraint of trade. This regulation, like language and markets, evolved over a long period of time. This article examines whether the rules that the common law courts developed can be explained by a hypothetical wish to maximize social wealth and concludes that many of them can be. The last part of the article outlines a theory of legal evolution. Copyright 1992 by Oxford University Press.

Date: 1992
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