That is a poor choice because antitrust generates the distribution of wealth that prevails in competitive markets, which is precisely the outcome that progressives have been trying for a century to avoid. (J.B. Clark, evangelist of competitive markets, is pictured.)

12/13

LPE has also constituted itself around the vague concept of “concentrations of economic power” and placed antitrust at the center of its policy agenda.

11/13

The movement seems unaware that conservative law and economics long ago parried by arguing that the market also determines the law.

10/13

In rejecting neoclassical economics as enemy propaganda, LPE has been unable to make progress along either of these two policy dimensions.

8/13

The critical legal studies movement that eventually succeeded it focused on endowments. It sought to redistribute them by changing background rules of private law.

7/13

The first law and economics movement focused on price manipulation and its alter ego, taxation.

6/13

The other is to manipulate the prices at which inframarginal buyers and sellers transact.

5/13

One is to reallocate endowments, broadly defined to include all aspects of value that are influenced by legal rules.

4/13