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6 J. Comp. L. & Econ. 1 (2010)
The Limits of Antitrust and the Chicago School Tradition

handle is hein.journals/jrcolaec6 and id is 3 raw text is: Journal of Competition Law & Economics, 6(1), 1-9 doi: 10. 1093/joclec/nhpO27 Advance Access publication 22 December 2009 THE LIMITS OFANTITRUSTAND THE CHICAGO SCHOOL TRADITION George L. Priest* ABSTRACT I situate Frank Easterbrook's article, The Limits of Antitrust, within the Chicago School antitrust tradition. I demonstrate the link between the article and the works of Aaron Director and Ronald Coase, in particular their emphasis (1) on the superior effect of markets to government attempts to correct monopoly behavior and (2) the expectation of judicial error. The Easterbrook article is shown to have extended the Director-Coase antitrust program. JEL: B20; B25; B31; K10; K21; L40 I. INTRODUCTION I am very happy to be here because I have been a friend and admirer of Frank Easterbrook for many years. We were classmates in law school. I expect I was invited in order to tell some inside stories about Frank. There will be some, but not many. I can tell you, however, that the Frank Easterbrook that you see in his disciplined writing-as in the article which that is the subject of this Symposium-perfectly reflects Frank's disciplined character. I can also tell you, as his classmate, that he was no less confident in presenting his views as a law student than he was in presenting the con- clusions of the paper we are discussing or in announcing his opinions as a Seventh Circuit Judge, including as Chief Judge. Perhaps the difference is that, as a student at Chicago, both the faculty and his classmates listened and learned from his ideas. His occasional dissents on the Seventh Circuit show the lack of comparative acuity among some of his current colleagues. Frank's tough and rigorous demeanor somewhat resembles that of George Stigler, under whom we both studied. But there are differences. Some years ago at a Chicago party, I met Claire Friedland, who those of you who have read the Stigler corpus will know (and those of you who have not, should read Stigler) was a frequent collaborator of Stigler's, performing most of the empirical work. Claire is a delightful person, and after we got to know each other a little-drinks may have had something to do with this-she told me somewhat confidentially-and this is the comparison to Professor of Law and Economics, Yale Law School, New Haven, CT, USA. E-mail: george. priest@yale.edu. @ The Author (2009). Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org

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