MERGER POLICY GREATLY SIMPLIFIED - BUILDING ON KEYES

This comment urges a recognition of the fact that the main goal of ant itrust, as revealed in a century of consequences, is not economic effi ciency or consumer protection but the dispersion of power and decision -making in the business world. Building on Lucile S. Keyes' proposal f or improving merger guidelines, it argues that the ''true'' aims of me rger policy can be more efficiently pursued by disallowing all mergers involving very large firms that cannot be justified on efficiency gro unds and ignoring mergers involving all other firms.