ABSTRACT
Modern law and economics has changed the way scholars, judges, and lawyers view all of law, but the most spectacular successes of the discipline in terms of direct influence on substantive law have occurred in the fields of economic regulation and antitrust law. In what has become known as the deregulation movement, the Interstate Commerce Commission, established by Congress in 1887 to regulate railroads and whose jurisdiction was extended in 1935 to include interstate bussing and trucking, all largely criticized in these articles, had its jurisdiction stripped in 1976. Richard Posner’s book presented a chiefly economic analysis of the issues that the Supreme Court had addressed. Robert Bork’s book was somewhat different and derived both from Director’s ideas about vertical practices and also, importantly, from his work with Alex Bickel at Yale Law School and from his service as Solicitor General. The changes in the conception of regulation and in antitrust doctrine have been profound.
