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Title: The Antitrust Paradox: A Policy at War With Itself by Robert H. Bork ISBN: 0-02-904456-1 Publisher: Free Press Pub. Date: February, 1993 Format: Paperback Volumes: 1 List Price(USD): $21.95 |
Average Customer Rating: 3.8 (5 reviews)
Rating: 3
Summary: Polemic, but good
Comment: When you read this book, keep in mind Bork sold out to the populist critics of Microsoft for a fee, and repudiated this book. Which proves that economic theory is great at the macro level, but, at the micro level, game theory beats out.
This is why gains for many are cancelled out by gains for a few that are willing to lobby government (or serve as expensive consultants to their paymasters, as in the case of Bork)
And why economics is but an extension of politics, and, at the end of the day, even inefficient economics can propigate for years, decades, centuries and even millinieums (India, China).
Rating: 1
Summary: Misinterpreting the word "efficiency"
Comment: I have enjoyed other writing by Judge Bork. Unfortunately, in "The Antitrust Paradox" Judge Bork misinterprets the word "efficiency" as it applies to antitrust law. U.S. antitrust law was designed to advance Pareto or economic efficiency, not business or productive efficiency. That misunderstanding leads Judge Bork to propose, in essence, the following Carrollian extended syllogism:
Antitrust law advances "efficiency" and condemns monopoly
Consumer welfare is the goal of antitrust law
Consumer welfare is advanced by lower prices
Monopolists are more "efficient" and provide lower prices
to consumers by economies of scale
Monopolists advance consumer welfare
Monopoly is "efficient" and should be legal
Lest we forget, John D. Rockefeller lowered the consumer price of kerosene approximately ten-fold while he was crushing smaller competitors. With all due respect to Judge Bork, I don't think that is the type of "efficiency" a free, commercial society needs.
Rating: 5
Summary: Antitrust or Maximization of Consumer Welfare
Comment: In the Antitrust Paradox, Judge Robert H. Bork gives a fascinating, though demanding, review of the most important antitrust issues in the United States. The central, pragmatic thesis of Bork is maximization of consumer welfare (also called economic efficiency) and not the protection of small businesses in addressing any antitrust issue. Unfortunately, the legislative, executive and judiciary branches of power as well as the practicing bar have not always shown consistency in making, interpreting, and applying antitrust rules. The main reason for their shared sub-optimal performance in that area is the too-often absence of a rudimentary understanding of market economics according to Bork. As a practicing marketer and lawyer, I agree with his observation. Law and economics are two complementary disciplines that should be taught together as part of the academic requirements or at least whose teaching could be made optional at the undergraduate level in our universities.
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Title: Antitrust Law by Richard A. Posner ISBN: 0226675769 Publisher: University of Chicago Press Pub. Date: December, 2001 List Price(USD): $35.00 |
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Title: Federal Antitrust Policy: The Law of Competition and Its Practice (Hornbook Series) by Herbert Hovenkamp ISBN: 0314231803 Publisher: West Pub. Date: January, 2000 List Price(USD): $44.00 |
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Title: Natural Monopoly and Its Regulation by Richard A. Posner ISBN: 1882577817 Publisher: Cato Institute Pub. Date: April, 1999 List Price(USD): $8.95 |
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Title: Economics of Regulation and Antitrust - 3rd Edition by W. Kip Viscusi, John M. Vernon, Joseph E. Harrington ISBN: 0262220628 Publisher: MIT Press Pub. Date: 21 July, 2000 List Price(USD): $75.00 |
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Title: Antitrust Law and Economics in a Nutshell (Nutshell Series) by Ernest Gellhorn, William E. Kovacic ISBN: 0314026835 Publisher: West Pub. Date: June, 1994 List Price(USD): $25.50 |
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