By Phyllis Deane, Jessica Kuper
A useful paintings which serves as an advent to the topic and as a reference for all those that have to stay up to date with fiscal pondering.
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Extra resources for A Lexicon of Economics (Social Science Lexicons)
Menger, C. Hoselitz, Glencoe, Ill. ) Mises, L. (1949), Human Action: A Treatise on Economics, 3rd edn, New Haven. Schumpeter, J. (1952 ), The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest and the Business Cycle, 5th edn, Cambridge, Mass. ) Wieser, F. (1927 ), Social Economics, New York. R. and Weber, W. (eds) (1973), Carl Menger and the Austrian School of Economics, Oxford. Streissler, E. (1969), ‘Structural economic thought—on the significance of the Austrian School today’, Zeitschrift für Nationalökonomie, 29.
Thus the Sherman Act (1890) declares illegal (Section 1) ‘every contract, combination…or conspiracy in restraint of trade or ANTITRUST LEGISLATION 13 commerce among the several States or with foreign nations’ and makes it a misdemeanour (Section 2) for any person ‘to monopolize or attempt to monopolize…any part of the trade or commerce…’. The Clayton Act (1914) with later amendments makes illegal exclusive dealing, price discrimination and acquisitions where the effect may be ‘to substantially lessen competition or tend to create a monopoly’, and the Federal Trade Commission Act (1914) prohibits ‘unfair methods of competition in commerce’.
For these reasons, most countries with free market economies have some form of law or regulation aimed at preventing or curbing undue exercise of monopoly power. In framing such legislation the question arises whether to lay down clear rules of law proscribing monopolistic conduct, or whether to provide that the legality of such conduct should depend on some assessment of its economic effects. Clear rules of law are best exemplified in the antitrust legislation of the United States of America, reflecting the strong American preference for settling issues through the courts rather than by administrative action.
A Lexicon of Economics (Social Science Lexicons) by Phyllis Deane, Jessica Kuper