Antitrust Law, Second Edition

By Richard A. Posner

Book Overview

The definitive textbook of antitrust law

Antitrust Law was fundamental to redefining the field of antitrust law and it remains the definitive textbook for those teaching or learning the subject, Richard Posner's book has played a major role in transforming the field of antitrust law into a body of economically rational principles largely in accord with the ideas set forth in the first edition. Today's antitrust professionals may disagree on specific practices and rules, but most litigators, prosecutors, judges, and scholars agree that the primary goal of antitrust laws should be to promote economic welfare, and that economic theory should be used to determine how well business practices conform to that goal.

In this thoroughly revised edition, Posner explains the economic approach to new generations of lawyers and students.

"The antitrust laws are here to stay," Posner writes, "and the practical question is how to administer them better-more rationally, more accurately, more expeditiously, more efficiently." This fully revised classic will continue to be the standard work in the field.

• Format: Paperback
• Language: English
• ISBN: 022668413X
• ISBN13: 9780226684130
• Release Date: August 2019
• Publisher: University of Chicago Press
• Length: 304 Pages
• Weight: 1.27 lbs.
• Dimensions: 0.7" x 6.0" x 9.0"

Customer Reviews

Antitrust theory by Chief Judge Richard Posner

Richard A. Posner is Chief Judge of the U.S. Seventh Circuit Court of Appeals and a professor and the University of Chicago Law School. In addition to being one of the most cited judges in U.S. legal history and one of the founders of the Law and Economics school of legal theory, Judge Posner is also one of the fathers of modern antitrust theory. This book is somewhat dated, but this is primarily due to the fact that it has been so widely read (and its policies so widely adopted) by other American judges. Up until the late 1970s, U.S. antitrust law was characterized by the pursuit of two (sometimes conflicting) goals: protecting consumers from monopolies and price fixing, and protecting "small dealers and worthy men" from larger competitors. Posner's book and a similar volume by Judge Robert Bork (The Antitrust Paradox) laid the theoretical groundwork for a seminal shift in antitrust thinking--one focusing primarily on consumer welfare.In Antitrust Economics, Posner describes in easy-to-understand terms why monopolies are bad from an economic point of view, and the shape of current antitrust law. He then lays out why some types of economic behavior that up until then had been considered anticompetitive (mergers between competitors, some types of exclusive supplier arrangements) can actually be pro-competitive or, at the least, pro-consumer. For example, while retail behemoths such as WalMart or mergers like that between Daimler-Benz and Chrysler may be devastating to smaller competitors, they may benefit consumers by generating economies of scale and lower prices.Regardless of whether one agrees with Posner's theories or the economic concentration in many industries that followed the adoption of his ideas, "Antitrust Economics" is essential reading if one wants to understand how we got to where we are and the theory behind modern antitrust law.