Document Type

Article

Publication Title

Cornell Law Review

Abstract

This Article examines the contention that the antitrust laws should be applied solely to promote efficiency and examines the often unarticulated definitions of efficiency. It addresses two questions: (1) How should efficiency, as it informs antitrust, be defined? and (2) What is the appropriate role of efficiency in antitrust policy and problem-solving? The Article concludes that efficiency defined in terms of serving consumers' long-run interests and implemented by protecting the competition process is and should continue to be a major goal of antitrust, and that the basic socio-political values of antitrust other than smallness for its own sake coincide with efficiency as so conceived and should continue to guide antitrust policy. The Article proposes a formulation for achieving a new equilibrium designed to advance the efficiency goals and harmonize the non-efficiency goals.

First Page

1140

Volume

66

Publication Date

1981

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