Five not so Easy Pieces to Make Antitrust Work for Innovation

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The movie “Five Easy Pieces” chronicles the struggles of a young man who abandons the microcosm of classical musicians in which he was raised to find his way in a hardscrabble world. The protagonist has many misadventures and the movie ends on a note of profound uncertainty about his future. In a not entirely dissimilar sense, antitrust enforcement matured in a microcosm of neoclassical price theory and is struggling to find its way in the hardscrabble world of high technology. Whether antitrust policy will become an effective tool to promote innovation is also as yet uncertain.