tailieunhanh - Lecture Macroeconomics (20/e): Chapter 19 - McConnell, Brue, Flynn

Chapter 19 - Current issues in macro theory and policy. Like any discipline, there are disagreements about how the economy really works. Economists don’t always agree, and in this chapter we will explore those different perspectives. | Antitrust Policy and Regulation Chapter 19 Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. In this chapter we will examine the laws that reflect the foundation of antitrust policy in the ., along with the application of the antitrust laws by the . courts. We will then look at industrial regulation of natural monopolies, examining the case for and against industrial regulation as well as the results of deregulation. Lastly, we will look at social regulation and how it differs from industrial regulation. Antitrust Laws The purpose: Prevent monopolization Promote competition Achieve allocative efficiency Historical background Regulatory agencies Antitrust laws LO1 LO1 During the Industrial Revolution, businesses that were once small and localized started to grow and expand as transportation methods improved, production became mechanized and the corporate structure was . | Antitrust Policy and Regulation Chapter 19 Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. In this chapter we will examine the laws that reflect the foundation of antitrust policy in the ., along with the application of the antitrust laws by the . courts. We will then look at industrial regulation of natural monopolies, examining the case for and against industrial regulation as well as the results of deregulation. Lastly, we will look at social regulation and how it differs from industrial regulation. Antitrust Laws The purpose: Prevent monopolization Promote competition Achieve allocative efficiency Historical background Regulatory agencies Antitrust laws LO1 LO1 During the Industrial Revolution, businesses that were once small and localized started to grow and expand as transportation methods improved, production became mechanized and the corporate structure was developed. This led to the creation of dominant firms who sometimes used questionable tactics in consolidating their position in the market and once control was gained, charged higher prices to customers and demanded price concessions from resource suppliers. In response to this behavior, the government began regulating these businesses through regulatory agencies and antitrust legislation. Antitrust Laws Sherman Act 1890 Clayton Act 1914 Outlaws price discrimination Prohibits tying contracts Prohibits stock acquisition No interlocking directorates Federal Trade Commission Act 1914 Wheeler-Lea Act 1938 Celler-Kefauver Act 1950 LO1 The Sherman Act of 1890 was the first piece of antitrust legislation. It contains two main provisions: (1) any contract that tends to restrain trade is illegal, and (2) trying to monopolize any part of trade is a felony offense. This act provided a basic foundation for antitrust legislation but was not specific enough. In 1914, the Clayton Act was passed to .

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