Abstract
The antitrust debate in the United States has been grounded and guided by principles derived from equilibrium-based economics. However, these principles mischaracterize key elements of real economies. The authors (1) explore the nature of the antitrust debate by reviewing a key component of the debate - the efficiency versus wealth transfer argument; (2) illustrate how the equilibrium-based tradition has misguided the debate; (3) sketch an alternative, process view of competition that draws heavily on evolutionary and Austrian economics (resource-advantage theory; Hunt 2000b); and (4) discuss the implications of using a process view of competition as a basis for antitrust policy.
Original language | English |
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Pages (from-to) | 15-26 |
Number of pages | 12 |
Journal | Journal of Public Policy and Marketing |
Volume | 20 |
Issue number | 1 |
DOIs | |
State | Published - 2001 |