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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.
The Journal of Law and Economics. 39 (1): 1– 48. doi:10.1086/467342. JSTOR 725768. Letwin, William (1965). Law and Economic Policy in America: The Evolution of the Sherman Antitrust Act. New York: Random House. May, James (1989). "Antitrust in the Formative Era: Political and Economic Theory in Constitutional and Antitrust Analysis, 1888–1918".
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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 ]
[citation needed] As part of his research, in 1961 Phelps published a famous paper [2] [3] on the Golden Rule savings rate, one of his major contributions to economic science. He also wrote papers dealing with other areas of economic theory, such as monetary economics or Ricardian equivalence and its relation to optimal growth.
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Rule utilitarianism is a form of utilitarianism that says an action is right as it conforms to a rule that leads to the greatest good, or that "the rightness or wrongness of a particular action is a function of the correctness of the rule of which it is an instance". [1]
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