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By Staff Reporters
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The anti-trust paradox suggests that antitrust enforcement artificially raised prices by protecting inefficient competitors from competition.
The Antitrust Paradox Book is an influential 1978 book by Robert Bork that criticized the state of US anti-trust law in the 1970s. A second edition, updated to reflect substantial changes in the law, was published in 1993. Bork has credited Aaron Director as well as other economists from the University of Chicago as influences.
Bork argued that the original intent of antitrust laws as well as economic efficiency makes consumer welfare and the protection of competition, rather than competitors, were the only goals of antitrust law.
Thus, while it was appropriate to prohibit cartels that fix prices and divide markets and mergers that create monopolies, practices that are allegedly exclusionary, such as vertical agreements and price discrimination, did not harm consumers and so should not be prohibited.
The paradox of antitrust enforcement was that legal intervention artificially raised prices by protecting inefficient enterprises from competition.
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Filed under: Accounting, Ethics, Experts Invited, Glossary Terms, Media Mentions and PR, Recommended Books, Taxation | Tagged: aaron director, anti-trust, anti-trust laws, anti-trust paradox book, antitrust, cartels, law, monopoly, paradox, paradox anti-trust, paradox trust, robert bork |
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