Research Handbook on Austrian Law and Economics
Show Less

Research Handbook on Austrian Law and Economics

Edited by Todd J. Zywicki and Peter J. Boettke

The original contributions to the Research Handbook provide an introduction to the application of Austrian economics to law. The book begins with chapters on the methodology of law and economics. Further chapters discuss key concepts in Austrian economics – dynamic competitive processes, spontaneous order, subjective value, entrepreneurship, and the limited nature of individual knowledge – as they relate to topics in evolutionary law (social rules, self-governance, dispute resolution) and basic law (torts, antitrust, civil procedure, business and family law).
Buy Book in Print
Show Summary Details
You do not have access to this content

Chapter 13: Antitrust and competition from a market-process perspective

Donald J. Boudreaux


Austrian economics identifies three reasons, any one of which invalidates antitrust as a mechanism for ensuring competition. The first is the political economy realization that antitrust cannot be administered without political cronyism, which will blunt its effectiveness. The second is the problem of knowledge; no antitrust judge or regulator can know all the relevant facts for rendering a decision that improves the operation of markets. Either of these is fatal to the arguments for antitrust. This chapter will focus on the third objection: antitrust is premised on a flawed, static model of competition. By not recognizing that competition is a dynamic process involving innovation, antitrust actually thwarts competition, achieving the opposite of its intended effect.

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.

Further information

or login to access all content.