Economic Law and Economic Growth: Antitrust, Regulation, and the American Growth System

By George E. Garvey; Gerald J. Garvey | Go to book overview

fared so well, had they been exposed to the full rigors of "hard competition" with the nation's industrial heavyweights.


The Neoclassical Reaction

But the commitment to the ideal of the atomized market could not, in the nature of things, prevail indefinitely. The analytical premise of the neopopulist economists--that large-scale operations rarely guaranteed real economies in an increasing-cost industry--ran counter not only to traditional teaching, but also to common sense. The neopopulists' "efficiency be damned" attitude offended an even broader range of economic sensibilities. Inevitably, the judges' willingness to advance efficiency through policies that were based on ill-informed premises (the facts, on closer study, suggested that scale economies sometimes do count),79 or else to sacrifice efficiency on the altar of Jeffersonian culturalpolitical values, called forth an intellectual reaction. Neoclassical economics, a kind of science of social efficiency, supplied the vocabulary with which the challengers articulated the case against neopopulism. The core ideas of neoclassicism--often simply abbreviated in the texts as "price theory"--are the subjects of the next chapter.


NOTES
1.
Robert Lekachman, The Age of Keynes ( New York: Random House, 1966), 149ff.
2.
Fred L. Block, The Origins of International Economic Disorder ( Berkeley: University of California Press, 1977), 38-42. See also William Appleman Williams, "The Large Corporation and American Foreign Policy", in David Horwitz, ed., Corporations and the Cold War ( New York: Modern Reader, 1970), 94-96.
3.
See generally Joan Spero Edelman, The Politics of International Economic Relations ( New York: Columbia University Press, 1981), 33-37, 78-81. The GATT was negotiated at Geneva, following an essentially unsuccessful--because overly ambitious--effort at regime building in the 1944-1945 Havana Conference.
4.
See Robert Triffin, "The International Role and Fate of the Dollar", Foreign Affairs (Winter 1978-79): 269-86.
5.
See Block, International Economic Disorder, 145, Table 2.
6.
Between 1950 and 1970 inclusive, U.S. exports approximately tripled in constant dollars, while government purchases multiplied by a factor of about 2.5 and G.N.P. by a factor of about 2. Gross private domestic investment increased approximately 40 percent in the period. See Bureau of the Census, U.S. Department of Commerce, Historical Statistics of the United States, Colonial Times to 1970, 2 vols. ( Washington: G.P.O., 1975), 1:229-30.
7.
Cited in Felix G. Rohatyn, The Twenty-Year Century ( New York: Random House, 1980), 3.
8.
Charles S. Meier, "The Politics of Productivity", International Organization 31 (Autumn 1977): 607.
9.
John H. Barton and Bart S. Fisher, International Trade and Investment: Regulating International Business ( Boston: Little, Brown, 1986), 91-92. See generally, JohnH. Jackson

-73-

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Economic Law and Economic Growth: Antitrust, Regulation, and the American Growth System
Table of contents

Table of contents

  • Title Page iii
  • Contents vii
  • Figures and Tables ix
  • Preface xi
  • Acknowledgments xv
  • Introduction ANTITRUST, REGULATION, AND THE AMERICAN GROWTH SYSTEM 1
  • Notes 7
  • 1- Antebellum America: Emergence of the Growth System 13
  • Notes 26
  • 2- The Context and Functions of Modern Economic Law 33
  • Notes 52
  • 3- Neopopulism and the Image of the Atomized Market 59
  • Notes 73
  • 4- Neoclassical Price Theory and Rate Regulation 81
  • Notes 99
  • 5- The Chicago School, Antitrust, and Consumer Surplus 103
  • Notes 116
  • 6- Antitrust, Regulation, and the Field of Policy Choice 121
  • Notes 137
  • Epilogue ECONOMIC LAW, INDUSTRIAL POLICY, AND ECONOMIC GROWTH 145
  • Notes 152
  • SELECTED BIBLIOGRAPHY 157
  • Index 165
  • About the Authors 169
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