Antitrust beyond competition: market failures, total welfare, and the challenge of intramarket second-best tradeoffs.

From: Michigan Law Review | Date: February 1, 2000| Author: Hammer, Peter J. | Copyright information

INTRODUCTION

Should antitrust law ever sanction the accumulation of market power or permit other restraints of trade if such conduct would increase social welfare? This is the challenge raised by intramarket second-best tradeoffs.(1) The lesson of second-best analysis is that one market failure can sometimes counteract the effects of another market failure. In the presence of multiple market failures, it is conceivable that mergers or other restraints traditionally viewe...

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