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The rule of reason is a legal doctrine used to interpret the Sherman Antitrust Act, one of the cornerstones of United States antitrust law.While some actions like price-fixing are considered illegal per se, other actions, such as possession of a monopoly, must be analyzed under the rule of reason and are only considered illegal when their effect is to unreasonably restrain trade.
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The consumer welfare standard gradually replaced the rule of reason principle as the dominant legal theory behind antitrust enforcement by the 1980s. The consumer welfare standard was influenced by microeconomic theory and is related to the economic theories of the Chicago school of economics. [5]
The Antitrust Paradox is an influential 1978 book by Robert Bork that criticized the state of United States antitrust law in the 1970s. A second edition, updated to reflect substantial changes in the law, was published in 1993. [1]
The Court endorsed the rule of reason enunciated by William Howard Taft in Addyston Pipe and Steel Company v. United States (1899), [5] written when Taft had been Chief Judge of the United States Court of Appeals for the Sixth Circuit. The Court concluded, however, that the behavior of the Standard Oil Company went beyond the limitations of ...
Following Abram Bergson, whose formulation of a social welfare function launched ordinalist welfare economics, [1] Arrow avoids locating a social good as independent of individual values. Rather, social values inhere in actions from social-decision rules (hypostatized as constitutional conditions) using individual values as input. Then 'social ...
There are two fundamental theorems of welfare economics. The first states that in economic equilibrium , a set of complete markets , with complete information , and in perfect competition , will be Pareto optimal (in the sense that no further exchange would make one person better off without making another worse off).
Hayek underscores maintaining the rule of law is important to preserve individual freedom and economic efficiency. [ 4 ] Hayek outlines a historical narrative focusing on the erosion of the rule of law in various Western countries, particularly in England and the United States, from the late 19th century to the mid-20th century.