Competition as an evolutionary process and antitrust policy

Citation
Sd. Hunt et Db. Arnett, Competition as an evolutionary process and antitrust policy, J PUBL POL, 20(1), 2001, pp. 15-26
Citations number
95
Categorie Soggetti
Economics
Journal title
JOURNAL OF PUBLIC POLICY & MARKETING
ISSN journal
07439156 → ACNP
Volume
20
Issue
1
Year of publication
2001
Pages
15 - 26
Database
ISI
SICI code
0743-9156(200121)20:1<15:CAAEPA>2.0.ZU;2-F
Abstract
The antitrust debate in the United States has been grounded and guided by p rinciples derived from equilibrium-based economics. However, these principl es mischaracterize key elements of real economies. The authors (1) explore the nature of the antitrust debate by reviewing a key component of the deba te-the efficiency versus wealth transfer argument; (2) illustrate how the e quilibrium-based tradition has misguided the debate; (3) sketch an alternat ive, process view of competition that draws heavily on evolutionary and Aus trian economics (resource-advantage theory; Hunt 2000b); and (4) discuss th e implications of using a process view of competition as a basis for antitr ust policy.