Antitrust and the Supreme Court

By David Ramsey | Go to book overview

CHAPTER 8
Law and Economics at the
University of Chicago

We believe the conclusions of economics do not justify the application
of the antitrust laws in many situations in which the laws are now being
applied. We conclude, therefore, that there are new problems for the
antitrust laws, and that the future perhaps will be occupied, at least in
part, with their resolution.”

--- Aaron Director and Edward Levi
“Law and the Future”


THE ORIGINS OF CHICAGO SCHOOL REFORM

Aaron Director is known to us today almost exclusively through the work of his students. Founder of the subfield of law and economics now so prominent in American legal education, Director was one of the chief architects of the postwar American economy, but his reputation today remains clouded for a number of reasons. Nevertheless it is with Director that we must begin if we want to understand the development of Chicago School antitrust. A radical involved in the labor movement in his youth, he would eventually anchor one of the strongest institutional supports of the free market in mid-century American higher education. At a crucial moment in the development of American politics, Director helped to forge a new, vigorous consensus in defense of the role that the free market could play in preserving American political institutions and liberties.

Director’s contribution to Law and Economics was important in two respects, both of which will be investigated further below. First,

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Antitrust and the Supreme Court
Table of contents

Table of contents

  • Title Page iii
  • Table of Contents vii
  • Acknowledgments ix
  • Chapter 1 - The Business of the Roberts Court 1
  • Chapter 2 - The Common Law 13
  • Chapter 3 - The Rule of Reason 27
  • Chapter 4 - Monopolistic Competition 43
  • Chapter 5 - Workable Competition 59
  • Chapter 6 - The Harvard School 77
  • Chapter 7 - The Chicago School 93
  • Chapter 8 - Law and Economics at the University of Chicago 111
  • Chapter 9 - Law and Economics before the Supreme Court 141
  • Chapter 10 - Post-Chicago Antitrust 159
  • Chapter 11 - Antitrust Law and the Judicial Power 175
  • Notes 181
  • Table of Cases 238
  • Bibliography 243
  • Index 267
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