Sherman Act (1890)

Sherman Act (1890) Monopolies had long been illegal under the common law, based on custom and past judicial decisions. But the body of laws proved ineffective against the mergers, cartels, and trusts that swept through the American economy in the 188Os. In 1890,...

THE FRAMEWORK STATUTES

THE FRAMEWORK STATUTES Antitrust law is like a huge forest that grown from a handful of seeds. The statutes on which the law is based are so concise and straightforward that they can be quoted in Table 17-2; it is astounding how much law has grown from so few...

Review of Imperfect Competition

Review of Imperfect Competition Chapters 9 and 10 discussed the way that imperfect competitors set their prices and quantities. Let’s begin reviewing the manor elements of the economic theory that relate to government anti monopoly policies  Imperfect...

Deregulation: An Unfinished Story

Deregulation: An Unfinished Story Deciding how much government should interfere in individual markets continues to be debated vigorously. In 1996. the United States partially deregulated its communications industry, allowing long-distance and local telephone companies...

Decline of Economic Regulation

Decline of Economic Regulation For the last two decades. many economists have argued that most economic regulation was actually creating monopoly power rather than curbing it. This idea is partially based on the interest-group view of regulation analyzed above. In...