Public choice theory and antitrust policy |
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Authors: | William F. Shughart II Fred S. McChesney |
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Affiliation: | 1. Department of Economics, University of Mississippi, P.O. Box 1848, University, MS, 38677-1848, USA 2. School of Law and Kellogg School of Management, Northwestern University, 357 E. Chicago Avenue, Chicago, IL, 60611, USA
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Abstract: | We survey the pioneering contributions of Robert Tollison to the theory and practice of antitrust law enforcement. Inspired by his period of service during Ronald Reagan’s first administration as Director of the Federal Trade Commission’s Bureau of Economics, Tollison was the first scholar to apply public choice reasoning to the question why antitrust frequently fails to achieve its stated goal of protecting consumers against unwarranted exercises of market power. In supplying evidence that the outcomes of antitrust processes are shaped more by special interests than by the public’s interest, he was instrumental in launching a wholly new research program. |
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