"For three decades F. M. Scherer has been writing on questions of competition policy from multiple perspectives as a professional economist, a consultant in numerous antitrust and international trade proceedings, and (for two years) chief economist of the US Federal Trade Commission. This volume collects 26 of his most important papers, both previously published and unpublished, on a broad array of competition policy issues.

The papers address the historical antecedents and rationale of competition policy, the logic of market definition and the implications of pricing strategies pursued by enterprises with monopoly power. The author also examines tradeoffs between competition goals and the attainment of static and dynamic efficiency, implementing effective remedies in merger and monopoly cases and the role of competition policy in an increasingly open world economy."--BOOK JACKET.