By Jan B. Rittaler Ingo L.O. Schmidt
The book of this clinically analytical and trenchantly insightful quantity is felicitously timed. by means of fortuitous twist of fate, it comes at a time while the Chicago university enjoys a high-water mark of attractiveness in U.S. felony circles, and at a time whilst the U.S. merger move of the Nineteen Eighties is cresting. It presents a welcome caution opposed to the risks of translating summary theories, in line with hugely restrictive (and unrealistic) assumptions, into facile public coverage ideas. As such the Schmidt/Rittaler learn serves as a wanted antidote to the at the moment trendy predilection to confuse ideology with technological know-how. within the Chicago lexicon, the single acceptable coverage towards company is a coverage of untrammeled laissez-faire. simply because there aren't any marketplace imperfec tions (other than government-created or trade-union-generated monopolies), the marketplace might be relied on to manage financial job, inexorably dispensing applicable rewards and punishments. during this perfect international, company measurement and gear should be appropriately overlooked. in the end, companies develop into sizeable basically simply simply because they're effective, in simple terms simply because they're effective, basically simply because they've got served shoppers higher than their opponents, and simply simply because no beginners are more than enough to problem their dominance. as soon as an commercial vast turns into torpid and now not bestows its efficient beneficence on society, it is going to necessarily wither and at last die. this is often the "natural legislation" that governs fiscal lifestyles. It calls for obedience to its principles. It tolerates no interference by means of the state.
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Additional info for A Critical Evaluation of the Chicago School of Antitrust Analysis
Toward a Concept of Workable Competition, 30 The American Economic Review 241 ff. C. 1961. 16 On this concept cf. esp. Kantzenbach, Erhard, Die Funktionsfahigkeit des Wettbewerbs, 2nd rev. , Gottingen 1967, refering to Almarin Phillips, Market Structure, Organization, and Performance, Cambridge, Mass. 1962. 17 Cf. , Economic Change, New York 1953. 18 Cf. ZohlnhOfer and Greiffenberg, op. , pp. 79 ff. , and Thomas M. Jorde, Market Definition in the Merger Guidelines: Implications for Antitrust Enforcement, 71 California Law Review 464 ff.
Williamson has exemplified the link between possible cost advantages that can result from concentration and an increase in market power that can result from increases in concentration by using the example of two merging duopolists. 87 The counteracting effects of such a merger can be presented by ... , juxtaposing a market situation that is characterized by competition before a merger occurs to a market situation after the merger has been consummated. One can determine the effects on the allocation of resources due to the merger, which means one can present the cost advantages that arise and the resulting market power, within the context of a partial equilibrium model ....
132 f. 9 Cf. , The Posnerian Harvest: Separating Wheat from Chaff, 86 The Yale Law Journal 974 ff. " 7 24 always sufficient potential competition. So, the neoclassic instrument is only used selectively. This becomes even more apparent when - in contrary to neoclassical price theory - the links between an increasing degree of competition and the level of profits is denied. The representatives of the Harvard School are criticized on the grounds that ... industrial organization, the field of economics that studies monopoly questions, tended to be untheoretical, descriptive, 'institutional', and even metaphoricaL..