America’s antitrust policies are stuck in the 1980s. That was when courts and regulators began relying on what’s called the consumer-welfare standard. Articulated in Robert Bork’s 1978 book, “The Antitrust Paradox,” the standard replaced classical antitrust analysis, which focused primarily on promoting competition. Courts and regulators are supposed to take into account a variety of consumer benefits, including lower prices, increased innovation and a better product quality.
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