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Books > History > History of specific subjects > Economic history
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Predatory Pricing in Antitrust Law and Economics - A Historical Perspective (Hardcover)
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Predatory Pricing in Antitrust Law and Economics - A Historical Perspective (Hardcover)
Series: The Economics of Legal Relationships
Expected to ship within 12 - 19 working days
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Can a price ever be too low? Can competition ever be ruinous?
Questions like these have always accompanied American antitrust
law. They testify to the difficulty of antitrust enforcement, of
protecting competition without protecting competitors. As the
business practice that most directly raises these kinds of
questions, predatory pricing is at the core of antitrust debates.
The history of its law and economics offers a privileged standpoint
for assessing the broader development of antitrust, its past,
present and future. In contrast to existing literature, this book
adopts the perspective of the history of economic thought to tell
this history, covering a period from the late 1880s to present
times. The image of a big firm, such as Rockefeller's Standard Oil
or Duke's American Tobacco, crushing its small rivals by
underselling them is iconic in American antitrust culture. It is no
surprise that the most brilliant legal and economic minds of the
last 130 years have been engaged in solving the predatory pricing
puzzle. The book shows economic theories that build rigorous
stories explaining when predatory pricing may be rational, what
welfare harm it may cause and how the law may fight it. Among these
narratives, a special place belongs to the Chicago story, according
to which predatory pricing is never profitable and every low price
is always a good price.
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