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How the Chicago School Overshot the Mark is about the rise and recent fall of American antitrust. It is a collection of 15 essays, almost all expressing a deep concern that conservative economic analysis is leading judges and enforcement officials toward an approach that will ultimately harm consumer welfare. For the past 40 years or so, U.S. antitrust has been dominated intellectually by an unusually conservative style of economic analysis. Its advocates, often referred to as "The Chicago School," argue that the free market (better than any unelected band of regulators) can do a better job of achieving efficiency and encouraging innovation than intrusive regulation. The cutting edge of Chicago School doctrine originated in academia and was popularized in books by brilliant and innovative law professors like Robert Bork and Richard Posner. Oddly, a response to that kind of conservative doctrine may be put together through collections of scores of articles but until now cannot be found in any one book. This collection of essays is designed in part to remedy that situation. The chapters in this book were written by academics, former law enforcers, private sector defense lawyers, Republicans and Democrats, representatives of the left, right and center. Virtually all agree that antitrust enforcement today is better as a result of conservative analysis, but virtually all also agree that there have been examples of extreme interpretations and misinterpretations of conservative economic theory that have led American antitrust in the wrong direction. The problem is not with conservative economic analysis but with those portions of that analysis that have "overshot the mark" producing an enforcement approach that is exceptionally generous to the private sector. If the scores of practices that traditionally have been regarded as anticompetitive are ignored, or not subjected to vigorous enforcement, prices will be higher, quality of products lower, and innovation diminished. In the end consumers will pay.
The essays collected in this book concern the rise and recent fall of American antitrust. Of the 15 essays, almost all express a deep concern that conservative economic analysis is leading judges and enforcement officials toward an approach that will ultimately harm consumer welfare.
The essays collected in this book concern the rise and recent fall of American antitrust. Of the 15 essays, almost all express a deep concern that conservative economic analysis is leading judges and enforcement officials toward an approach that will ultimately harm consumer welfare.
The most important book on antitrust ever written. It shows how antitrust suits adversely affect the consumer by encouraging a costly form of protection for inefficient and uncompetitive small businesses.
"One Shot at Forever is powerful, inspirational. . . This isn't merely a book about baseball. It's a book about heart." -- Jeff Pearlman, New York Times bestselling author of Boys Will Be Boys and The Bad Guys Won In 1971, a small-town high school baseball team from rural Illinois, playing with hand-me-down uniforms and peace signs on their hats, defied convention and the odds. Led by an English teacher with no coaching experience, the Macon Ironmen emerged from a field of 370 teams to represent the smallest school in Illinois history to make the state final, a distinction that still stands. There the Ironmen would play against a Chicago powerhouse in a dramatic game that would change their lives forever. In this gripping, cinematic narrative, Chris Ballard tells the story of the team and its coach, Lynn Sweet: a hippie, dreamer, and intellectual who arrived in Macon in 1966, bringing progressive ideas to a town stuck in the Eisenhower era. Beloved by students but not administration, Sweet reluctantly took over the ragtag team, intent on teaching the boys as much about life as baseball. Together they embarked on an improbable postseason run that buoyed a small town in desperate need of something to celebrate. Engaging and poignant, One Shot at Forever is a testament to the power of high school sports to shape the lives of those who play them, and it reminds us that there are few bonds more sacred than that among a coach, a team, and a town. "Macon's run at the title reminds us why sports matter and why sportswriting has such great power to inspire. . . [It's] one hell of a good story, and Ballard has written one hell of a good book." -- Jonathan Eig, Chicago Tribune
Reading the book commented will provide an updated view on the current situation of antitrust politics and law in the United States. The book covers a wide spectrum of issues on market behavior and business practices affected by antitrust rules (agreements and vertical restraints , various strategies of incumbents in the market, mergers and acquisitions). All the contributions in the book are a recognition of the triumph of economic analysis as the main methodology in applying antitrust rules. Consequently, this has increased the rigor required to plaintiffs in courts and before administrative authorities to prevail in his claims against practices and business operations considered anticompetitive. According to the book's main thesis, apparently this has provided more freedom to businesses, as the excesses of economic analysis have led to an unjustified reduction of administrative and judicial intervention in these matters: antitrust rules and resources underutilization by authorities have been detrimental to consumer welfare.
This book transcends current debate on government regulation by lucidly outlining how regulations can be a fruitful combination of persuasion and sanctions. The regulation of business by the United States government is often ineffective despite being more adversarial in tone than in other nations. The authors draw on both empirical studies of regulation from around the world and modern game theory to illustrate innovative solutions to this problem. Their ideas include an argument for the empowerment of private and public interest groups in the regulatory process and a provocative discussion of how the government can support and encourage industry self-regulation.
"Antitrust law has very rarely been used by workers to challenge anticompetitive employment practices. Yet recent empirical research shows that labor markets are highly concentrated, and that employers engage in practices that harm competition and suppress wages. These practices include no-poaching agreements, wage-fixing, mergers, covenants not to compete, and misclassification of gig workers as independent contractors. This failure of antitrust to challenge labor-market misbehavior is due to a range of other failures-intellectual, political, moral, and economic. And the impact of this failure has been profound for wage levels, economic growth, and inequality. In light of the recent empirical work, it is urgent for regulators, courts, lawyers, and Congress to redirect antitrust resources to labor market problems. This book offers a strategy for judicial and legislative reform"--