Economic models produce blindspots, compressing qualitative differences into quantitative measures. Yet, this vice is also the source of their power.
Focusing on antitrust, this post explores how a modern law and economics might look, and highlights the diverse normative implications of state-of-the-art economics. As this post demonstrates, taking economics seriously is consistent with many different policy positions.
The empirical research we present in this post itself exemplifies how economics can be a powerful tool for examining (and not just assuming) the relationships between the formal structure of the law and the activities of economic exchange. As we lay out further in a subsequent post, legal leftists who fail to engage with the richness of academic economics miss out on many important insights.