Standard Oil, Monopoly and Predatory Pricing
For decades libertarians have relied on the egregious revisionist history of Standard Oil by John McGee of the Chicago School to declare predatory pricing and monopoly rare and impractical. This claim has been thoroughly refuted by legal and economic research, both empirical and theoretical. Now it is up to the courts to catch up with academia.
- Revisiting the Revisionist History of Standard Oil [More...]
- How John McGee of the Chicago School rewrote the antitrust history of Standard Oil, how the US Supreme Court credulously applied his revisionist history, and how modern economic and legal research has exposed the errors.
- Predatory Pricing: Strategic Theory and Legal Policy [More...]
- A US Department of Justice analysis that points out that history and economic theory teach that predatory pricing can be an instrument of abuse, yet courts adhere to a static, non-strategic view of predatory pricing, believing it to be an economic consensus. But this is a consensus most economists no longer accept.
- Standard Oil and Predatory Pricing: Myth Paralleling Fact [More...]
- How and possibly why John McGee's false and revisionist history of Standard Oil became so influential. (Behind JSTOR paywall.)
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