Document Type


Publication Date

Winter 1990


One way to test the accuracy of Professor Scherer's research is to compare it to the best previous work in the area. Prior to his current article the best analysis of the state of economic thinking and knowledge during antitrust's formative period was presented twelve years ago by—Professor Scherer. This was a skeletal precurser to the well-documented version that he now presents, but his overall conclusions are identical. During the twelve years since his conclusions were presented in the Yale Law Journal no one has demonstrated that his research is in any way faulty or misleading, even though many have had a strong incentive to do so. We have, in effect, a "market test" validation of his thesis (in addition to the extraordinary modest critique I can provide). I therefore will primarily discuss why his conclusions are so important for the future of antitrust.