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Back to the Good—or Were They the Bad—Old Days of Antitrust? A Review Essay of Jonathan B. Baker's The Antitrust Paradigm: Restoring a Competitive Economy

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  • Clifford Winston

Abstract

This essay reviews Jonathan Baker's important book, The Antitrust Paradigm: Restoring a Competitive Economy, to frame the debate over appropriate antitrust policy and enforcement. Baker argues that competition is inadequate in many US markets and that antitrust could and should be strengthened to restore competition and benefit consumers. Baker presents an unrelenting critique of what he believes is the University of Chicago's harmful influence on what was once an effective antitrust policy. I compress Baker's book into four issues that economists can debate and I offer an alternative view that is more supportive of the current state of industry competition, the efficacy of market forces, and the case for limited antitrust intervention.

Suggested Citation

  • Clifford Winston, 2021. "Back to the Good—or Were They the Bad—Old Days of Antitrust? A Review Essay of Jonathan B. Baker's The Antitrust Paradigm: Restoring a Competitive Economy," Journal of Economic Literature, American Economic Association, vol. 59(1), pages 265-284, March.
    • Handle: RePEc:aea:jeclit:v:59:y:2021:i:1:p:265-84
    DOI: 10.1257/jel.20191619
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    More about this item

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • K21 - Law and Economics - - Regulation and Business Law - - - Antitrust Law
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
    • L40 - Industrial Organization - - Antitrust Issues and Policies - - - General

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