The Rivals Antitrust Can’t See
The next serious competitor may be waiting for a license, or working on a product nobody has seen yet. Neither shows up in today’s market-share figures. And much of the current antitrust debate ignores both of those figures completely, even as it ponders how aggressively the government should reshape markets.
By contrast, a dynamic approach to antitrust can enforce the law vigorously while also recognizing that competition changes over time and that government officials rarely know enough to redesign complex markets. The practical questions are which restraints deserve priority, what…
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