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1、CHICAGOJOHNM.OLINLAW&ECONOMICSWORKINGPAPERNO.106(2DSERIES)AntitrustintheNewEconomyRichardA.PosnerTHELAWSCHOOLTHEUNIVERSITYOFCHICAGOThispapercanbedownloadedwithoutchargeattheSocialScienceResearchNetworkElectronicPaperCollection:http://papers.ssrn.com/paper.taf?abstract_id=249316Antitrustinthe
2、NewEconomy2ANTITRUSTINTHENEWECONOMYRichardA.Posner1ConcernhasbeenexpressedrecentlythatU.S.antitrustlawmaynotbewellsuitedtoregulatingthe“neweconomy.”Doctrinesdevelopedtodealwithcompetitionandmonopolyinsmokestackindustriesisnotwelladapted,itisargued,todealingwiththedynamiceconomyofthetwenty-fi
3、rstcentury.WhatIshallargueisthatthereisindeedaproblemwiththeapplicationofantitrustlawtotheneweconomy,butthatitisnotadoctrinalproblem;antitrustdoctrineissuppleenough,anditscommitmenttoeconomicrationalitystrongenough,totakeinstridethecompetitiveissuespresentedbytheneweconomy.Therealproblemlies
4、ontheinstitutionalside:theenforcementagenciesandthecourtsdonothaveadequatetechnicalresources,anddonotmovefastenough,tocopeeffectivelywithaverycomplexbusinesssectorthatchangesveryrapidly.Thisproblemwillbeextremelydifficulttosolve;indeed,Icannotevenglimpsethesolution.I.Ishallusethetermthe“newe
5、conomy”todenotethreedistinctthoughrelatedindustries.Thefirstisthemanufactureofcomputersoftware.ThesecondconsistsoftheInternet-basedbusinesses(Internetaccessproviders,Internetserviceproviders,Internetcontentproviders),suchasAOLandAmazon.Andthethirdconsistsofcommunicationsservicesandequipmentd
6、esignedtosupportthefirsttwomarkets.Thereareothercandidatesforinclusionintheneweconomy,butthesethreewilldoformypurposes.Theseindustriesdiffermarkedlyfrommostoftheindustriesinwhichmodernantitrustdoctrineemerged,andparticularlyfromindustriesthatmanufacturetraditionalphysicalgoodssuchassteel,aut
7、o-mobiles,pipe,wire,aluminum,railroadcars,roadbuildingmaterials,andcigarettes.Thetraditionalin-dustriesarecharacterizedbymultiplantandmultifirmproduction(indicatingthateconomiesofscalearelimitedatboththeplantlevelandthefirmlevel,orinotherwordsthata
