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52 Antitrust L.J. 49 (1983)
An Overview of Legal and Economic Issues and the Relevance of the Vertical Merger Guidelines

handle is hein.journals/antil52 and id is 141 raw text is: AN OVERVIEW OF LEGAL AND ECONOMIC ISSUES AND THE RELEVANCE OF THE VERTICAL MERGER GUIDELINES JAMES T. HALVERSON* INTRODUCTION The relationship between antitrust law and economics has always been multifaceted. Economists and lawyer/economists have contributed their views on almost all suggested revisions of the antitrust laws, have testified as expert witnesses before Congress and in all kinds of anti- trust cases, and have contributed their views freely on the courts' han- dling of economic, policy, and legal issues in antitrust cases. In perhaps no other area of antitrust law has the force of economic analysis and criticism been felt with the same intensity as in the area of vertical restraints and vertical integration. As early as 1955, distin- guished economists such as Professors Aaron Director of Chicago and Richard Caves of Harvard were debating the advantages and disadvan- tages of vertical restraints. The debate was carried on for almost three decades, perhaps reaching its high point in the writings of lawyers, economists and lawyer/economists, such as then Professors Posner, Bork, Baxter and Turner and Professors Areeda, Pitofsky, Scherer and Fox. Professors (now Judges) Bork and Posner, who basically analyzed the economic effects of various long-standing antitrust policies under the theories of welfare economics, have been popularly referred to as the Chicago school. The debate has been joined over the years by many distinguished lawyers and economists, and the recent discussion has tended to focus on the areas of true difference. Today, what used to be considered different schools of thought, Chicago on one side and per- *Member of the New York, District of Columbia, and Minnesota bars. The author expresses his appreciation to Thomas P. Palmer and Shelley A. Lorenzen, members of the New York bar, for their very valuable assistance in the preparation of this paper.

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