Consumer welfare hinges on competition from "summary" of The Antitrust Paradox by Robert Bork
The central idea that underlies antitrust law is the belief that competition is essential to the well-being of consumers. This belief is based on the recognition that competitive markets are more likely to produce goods and services at lower prices and with higher quality than markets that lack competition. Competition acts as a disciplining force on firms, motivating them to innovate, improve efficiency, and cater to the demands of consumers in order to stay ahead of their rivals. In the absence of competition, firms may become complacent, resulting in higher prices, reduced product quality, and less incentive to innovate. Antitrust law aims to promote competition by preventing firms from engaging in anticompetitive behavior such as price-fixing, market allocation, and monopolization. By enforcing antitrust laws, regulators seek to protect consumers from the harms that can arise when firms are able to wield significant market power. When firms face competitive pressure, they are mor...
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