ABSTRACT
Whiletheliteratureonantitrustisenormous,onequestionhas receivedastoundinglylittlecarefulattention.Whateconomic benefitshasthepolicyconferredandatwhatcosts?Thereisno mysteryaboutthereasonsforthisneglect.Formostofits history,economistshavenothadthetoolsthatwouldpermit cost-benefitquestionsabouttheShermanActtobeanswered withanythingbutvaguegeneralitiesandhigh-mindedplatitudes. Indeed,agreatpart-maybeeventhegreaterpart-ofwhatis nowcalledmicroeconomictheoryhasbeendevelopedinan attempttothrowlightontheissuesforcedonourattentionby theantitrustexperiment.Weshallreturntothisconjecture presently.Moreover,inpoliticsambiguityhasitsuses.Aslongas
the economic consequences of antitrust are largely unknownand therefore probably not too serious-everyone feels free to retain whatever views on antitrust that he is comfortable with.
