Revitalizing Antitrust in Its Second Century: Essays on Legal, Economic, and Political Policy

By Harry First; Eleanor M. Fox et al. | Go to book overview

among antitrust, competition, and both X-efficiency and dynamic efficiency are complex and difficult to pin down precisely. Maintaining relatively fragmented market structures probably imposes modest foregone scale-economy costs, but vigorous competition keeps enterprises at fighting weight. Our quantitative insights are too limited to let us know whether a lean, tough welterweight is not to be preferred over a flabby heavyweight. The dynamic efficiency nexus is even more complex. Still, it is fairly certain that giant monopolistic enterprises are not superior engines of technological progress. By striving to maintain a diversity of competitors and keeping entry barriers from being raised unnecessarily, antitrust is at least pointing in the right direction. And although there may be devils hidden in the darkness, there is little evidence showing systematic adverse effects from antitrust on the vigor of technological innovation and the rate of productivity growth.


NOTES
1.
A. Marshall, Principles of Economics447 n.1 ( 1890).
2.
Harberger, Monopoly and Resource Allocation, 44 Am. Econ. Rev.77, 84 ( 1954).
3.
But see U.S. Dep't of Justice 1984 Merger Guidelines § 1.0, 49 Fed. Reg. 26, 827 ( June 29, 1984), reprinted in 2 Trade Reg. Rep. (CCH) ¶ 4490 ( 1984) (stating that anticompetitive mergers transfer wealth and misallocate resources).
4.
A. Smith, An Inquiry into the Nature and Causes of the Wealth of Nations147 ( E. Cannon ed. 1937) ( 5th ed. 1789).
5.
The term "X-efficiency" was coined by Harvey Leibenstein. See Leibenstein, Allocative Efficiency vs. "X-Efficiency," 56 Am. Econ. Rev.392 ( 1966).
6.
Its pioneers were Gordon Tullock, see Tullock, The Welfare Costs of Tariffs, Monopolies and Theft, 5 W. Econ. J.224 ( 1967), and Anne O. Krueger, see Krueger, The Political Economy of the Rent-Seeking Society, 64 Am. Econ. Rev.291 ( 1974); see also Posner, The Social Costs of Monopoly and Regulation, 83 J. Pol. Econ.807 ( 1975) (applying theory of rent seeking to measuring social costs of monopoly).
7.
J. Schumpeter, Capitalism, Socialism and Democracy 83 ( 1942) (emphasis in original).
8.
Calculated from data in Economic Report of the President302 ( Feb. 1986).
9.
Calculated from data in id.
10.
J. Schumpeter, supra note 7, at 106.
11.
See Weiss, Optimal Plant Size and the Extent of Sub-Optimal Capacity, in Essays on Industrial Organization in Honor of Joe S. Bain123 ( 1976).
12.
See Scherer, The Determinants of Industrial Plant Sizes in Sir Nations, 55 Rev. Econ. & Statistics125 ( 1973).
13.
F. M. Scherer, Industrial Market Structure and Economic Performance469-70 ( 2d ed. 1980).
14.
See Scherer, supra note 12, at 143.
15.
On semiconductors, see Japan Chip Makers in Crunch, N.Y. Times, Nov. 17, 1986, at D1; The Blood Bath in Chips, Bus. Week, May 20, 1985, at 63. On steel, see Japan's Steelmakers Recast Themselves, Economist, Aug. 29, 1987, at 59. One of the first firms to

-148-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
Revitalizing Antitrust in Its Second Century: Essays on Legal, Economic, and Political Policy
Table of contents

Table of contents

Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
/ 550

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.