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| Author: | Davies, W. |
| Title: | Economics and the 'nonsense' of law: the case of the Chicago antitrust revolution |
| Journal: | Economy and Society
2010 : FEB, VOL. 39:1, p. 64-83 |
| Index terms: | antitrust competition economics law |
| Language: | eng |
| Abstract: | The Law and Economics movement that emerged in the University of Chicago through the 1940s and 1950s (around Ronald Coase's example) is a manifestation of the neo-liberal project of applying neo-classical economics to state sovereignty. In the 1970s and 1980s, Law and Economics ideas revolutionized the application of antitrust laws in the USA. However, this achievement came about not through a transformation in economic orthodoxy, but through persuading legal experts to recognize the inherent nonsense at work in their normative assumptions. The Chicago antitrust revolution is therefore symptomatic of trends that Foucault viewed as definitive of neo-liberalism more broadly. |
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