Revised Antitrust Primer
I uploaded a significantly revised version of the antitrust primer. In my discussion of basic antitrust principles, I tried to avoid the standard “from perfect competition to monopoly” approach, because I have never seen either perfect competition or monopoly in real life. It just doesn’t seem to make much sense to explain a concept (here, the functioning of markets and a firm’s choice of competitive strategies) using two almost entirely fictious states as points of reference. I increasingly find myself in agreement with those who think that the primary benefit of the perfect competition equilibrium model is its easy fit with relatively basic mathematics, not its power to explain real-world phenomena.
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