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Antitrust's Newest “New Learning” Returns the Law to its Roots: Chaos and Adaptation as New Metaphors for Competition Policy

AUTHOR'S NOTE: A Victor Kramer Fellowship made it possible for me to pursue these ideas free from distractions during a sabbatical year at the University of Chicago Law School. For comments and encouragement on this project, I thank Richard Craswell, Jonathan Baker, Eleanor Fox, Steve Salop, Diane Wood, and particularly Fred Rowe, whose description of the law's Faustian sell-out to economic wisdom points the way to the ideas outlined below, by describing the law's problems, absolutely accurately, as bound up in the economics' failure to comprehend time. See Frederick M. Rowe, The Decline of Antitrust and the Delusions of Models: The Faustian Pact of Law and Economics, 72 GEO. L.1. 1511 (1984). The views expressed here are solely those of the author and are not those of the Federal Trade Commission or ofany commissioner.