This response affirms that the author alone is responsible for what he “built on Keyes” and that Dr. Lucile Keyes bears no responsibility whatever for his conclusions. It reiterates the author's view that the history of antitrust shows that, in actual operation, the major purpose of the policy has always been the promotion of decentralization of ownership and control in the large-firm sector of the economy and not consumer protection. It is urged that no productive exchange of ideas between friends and critics of antitrust can take place until this fact is recognized. It is suggested that the search for common ground might begin by confining federal surveillance of mergers solely to a set of the largest firms; and that none should be allowed that did not promise a clear, non-negligible gain in efficiency.
Review of Industrial Organization – Springer Journals
Published: Sep 29, 2004
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