Abstract and Keywords
Various economic theories can justify exemption from antitrust law. This survey describes most of these theories. While offering only a limited critique, the chapter does point up the questionable association of specific exemptions with specific economic theories. Because most of the theories require very specialized facts that are unlikely to exist in large, dynamic economies, economic analysis is unlikely to justify most exemptions as an optimal strategy to achieve a legitimate policy goal. Smaller economies and one’s going through change to a market-oriented model may have more reason to rely on exemptions from general competition for the period of transition.
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