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The Post-Chicago Antitrust Revolution

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University of Pennsylvania Law School

3501 Sansom Street

Philadelphia, PA 19104

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In partnership with Herbert Hovenkamp, University of Pennsylvania Law School, and Fiona Scott Morton, Yale School of Management.

About this Event

With the benefit of decades of hindsight, how should we evaluate the Chicago School of antitrust? A growing body of literature suggests that it rests on faulty premises—in part because the framers of the Chicago School lacked today’s economic tools, but perhaps also as a result of ideological bias.

Now, after years of Chicago-influenced antitrust policy, it is argued that the U.S. economy is suffering the consequences. Economists have observed in the United States that income inequality is on the up, dynamism in competition has fallen, and labor takes home a decreasing share of GDP, while corporations capture growing price-cost margins. These phenomena, according to many commentators, owe in part to misguided underenforcement under flawed Chicago School assumptions.

This year’s University of Pennsylvania Law Review symposium will examine “The Post-Chicago Antitrust Revolution.” Several of the leading scholars in antitrust law and economics will critically evaluate the fit between Chicago School assumptions and modern economic evidence and theory. They will propose approaches to enforcement that rely on case- and industry-specific evidence and analysis.

This symposium comes at a turning point in U.S. antitrust policy. The current administration and presidential hopefuls both have made antitrust enforcement a national priority. Both horizontal and vertical mergers are coming under increasing scrutiny. The idea that intellectual property should be a broad shield against antitrust liability is under attack. And both Congress and the federal antitrust agencies are investigating whether large tech companies are attempting to maintain a monopoly for anticompetitive reasons.

In 1979, the University of Pennsylvania Law Review convened a seminal symposium on microeconomic analysis in antitrust law, featuring the work of Nobel Prize-winning economist Oliver Williamson, then-Professor Richard Posner, and others. This symposium, 40 years later, will build on their important work in antitrust law and economics, in partnership with Professor Herbert Hovenkamp of the University of Pennsylvania Law School and Professor Fiona Scott Morton of the Yale School of Management.

With confirmed papers and discussion from:

Nancy Rose, Massachusetts Institute of Technology & Jon Sallet, Benton Foundation/Steptoe & Johnson LLP

William Rogerson, Northwestern University & Howard Shelanski, Georgetown University Law Center/Davis Polk & Wardwell LLP

Scott Hemphill, New York University School of Law & Tim Wu, Columbia Law School

Jonathan Baker, American University Washington College of Law & Joseph Farrell, University of California, Berkeley

Carl Shapiro, University of California, Berkeley, Haas School of Business

Herbert Hovenkamp, University of Pennsylvania Law School & Fiona Scott Morton, Yale School of Management

Michael Katz, University of California, Berkeley, Haas School of Business & Doug Melamed, Stanford Law School

Andrew Gavil, Howard University School of Law & Steven Salop, Georgetown University Law Center

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This program has been approved for 8.5 substantive CLE credits for Pennsylvania lawyers. CLE credit may be available in other jurisdictions as well. Attendees seeking CLE credit should bring separate payment in the amount of $340.00 ($170.00 public interest/non-profit attorneys) cash or check made payable to The Trustees of the University of Pennsylvania.

Please direct all questions to Bobby Chen, Symposium Editor: chenrob@pennlaw.upenn.edu.

[Image: Jeff Kubina]

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University of Pennsylvania Law School

3501 Sansom Street

Philadelphia, PA 19104

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Eventbrite's fee is nonrefundable.

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