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

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

nomic weather was in the offing. Terms such as "deindustrialization"58 and even "industrial policy"59 entered the public dialogue. It was time, the neoclassicists argued, to get back to basics--to a system of economic welfare worthy of true capitalistic principles, one promoted by efficient industries operating as nearly as possible in free markets.


NOTES
1.
Kahn became Dean of the College of Arts and Sciences at Cornell in 1969, but of course retained his professorship.
2.
Alfred E. Kahn, The Economics of Regulation: Principles and Institutions, 2 vols. ( New York: Wiley, 1970-71).
3.
See, e.g., Alfred Kahn's comments on the Chicago School in his Economics of Regulation, 2:327-28. And see Baumol et al. regarding, respectively, Kahn and the members of the Chicago School in William J. Baumol, John C. Panzar, and Robert D. Willig , Contestable Markets and the Theory of Industry Structure ( New York: Harcourt, Brace, Jovanovich, 1982), 14n., 477n. To compound the complexity of the neoclassical scene, Kahn himself had been, in earlier days, something of a subscriber to the Learned Hand version of neopopulism; see his book with Joel B. Dirlam (as senior author), Fair Competition: The Law and Economics of Antitrust Policy ( Ithaca, N.Y.: Cornell University Press, 1954), 259-61.
4.
See, e.g., Robert Bork, The Antitrust Paradox: A Policy at War with Itself ( New York: Basic Books, 1978), 7.
6.
Fred L. Block, The Origins of International Economic Disorder ( Berkeley: University of California Press, 1977), 145-60, and esp. Tables 2 and 7.
7.
See Vilfredo Pareto, Manual D'Economie Politique ( Paris: Giard & Briere, 1909), chap. 6, sec. 33, p. 354. For a fuller exposition see William Fellner, The Development and Content of Modern Economic Analysis ( New York: McGraw Hill, 1960), 7-12. Theorems rigorously demonstrating that, under plausible assumptions, marginal pricing with consumer sovereignty will achieve Pareto optimality and vice versa are presented in Gerard Debreu, "Valuation Equilibrium and Pareto Optimum", Cowles Commission Paper No. 2067 ( January, 1953), essentially reprinted in Proceedings of the National Academy of Sciences 40 ( Washington: National Academy, 1954): 588.
8.
The notion that all of society is better off when society's overall wealth is increased assumes that resources can be transferred at little or no cost, i.e., an equitable distribution can be achieved at costs lower than the value of the expanded pie. See A. Mitchell Polinsky, An Introduction to Law and Economics ( Boston: Little, Brown, 1983), 7-10.
9.
The classic exposition of that portion of microeconomic theory alluded to in this and related paragraphs--known as consumer demand theory--is in John Hicks, Value and Capital ( Oxford: Clarendon Press, 1946), chaps. 1-2.
10.
For a general survey of "welfare economics," see Fellner, Modern Economic Analysis, 77ff., 376-79.
11.
Jack Hirschliefer, Price Theory and Applications (Englewood Cliffs, N.J.: Prentice Hall, 1976), 97-98.

-99-

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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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